Fri, December 03, 2021

business

Thai businesses matched with Zhejiang hardware suppliers in online fair


The 2021 Zhejiang Export Online Fair, held in collaboration with the Machinery and Parts Association of Thailand, kicked off via the Zoom platform on Monday.

The fair, which wraps up on Friday, is expected to generate more than US$5 million (Bt153.85 million).

In November last year, China signed the Regional Comprehensive Economic Partnership (RCEP), the largest free-trade agreement in the world. This pact covers major countries in East Asia and will provide a strong impetus for growth not just in Asean, but also in the rest of the world.

Thailand, an emerging industrialised country, is the second-largest economy in Southeast Asia, second only to Indonesia. Its manufacturing and service industries are the two major contributors to the GDP, with the former accounting for nearly 40 per cent of the total. Thailand’s main imports are hardware products and parts, industrial and machinery products, auto parts, building materials, metal products, etc.

Since the establishment of the China-Asean FTA, tariffs on over 90 per cent of China's trade with Asean have been reduced to zero. Currently, the total value of trade between the two sides is close to $13 trillion, accounting for nearly 60 per cent of Asia’s and 13 per cent of the world’s total trade volume.

This is the world's largest FTA in terms of consumers and area covered and has been described as the "future third-largest economy in the world" after the European Union and the North American Free-Trade Area. The completion of the China-Asean FTA will offer immense opportunities and broad prospects for both Chinese and Asean business communities. Hence, entering the Thai market can bring benefits to more than 10 of its neighboring countries.

The exhibitors participating in this online exhibition offer a full range of hardware tools and accessories, etc. During the five-day online exhibition, based on offline matching before the exhibition, Zhejiang enterprises will conduct one-to-one precise trade negotiations with Thai buyers online.

This online fair is expected to have more than 200 rounds of trade negotiations and the intended turnover will exceed $5 million.

The fair was organised by the Zhejiang Department of Commerce.

Published : March 10, 2021

By : The Nation