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China Foreign Trade Centre Signs Cooperation Agreements with Trading Partners at the 128th Canton Fair

November 5, 2020 MICE No Comments

In a virtual signing ceremony held at the 128th China Import and Export Fair (“Canton Fair” or “the Fair”), China Foreign Trade Centre (“CFTC”) signed multiple cooperation agreements to formalize the partnerships with the Alexandria Business Association of Egypt, Lebanon’s Chamber of Commerce, Industry and Agriculture of Zahle and Bekaa, the Lagos Chamber of Commerce and Industry of Nigeria, the Tanzania Private Sector Foundation, Minsk Branch of the Belarusian Chamber of Commerce and Industry and Chamber of Commerce and Industry of the Tajikistan Republic.

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The new partnerships with the 6 industrial and commercial institutions are part of a global partnership program initiated by CFTC, which has helped the Canton Fair form trade partnerships with 140 institutions in 81 countries. Among them, 60 industrial and commercial institutions are from 39 Belt and Road Initiative (BRI) countries.

Speaking to appreciate the Canton Fair’s efforts in strengthening China-Egypt relations, Mohamed Mustafa Hanno, Deputy Chairman of the Board, Alexandria Business Association of Egypt, said that the association “will continue to bolster trade cooperation and economic relations of the two countries”.

Canton Fair’s partnership with the Lagos Chamber of Commerce and Industry of Nigeria coincides with Nigeria becoming one of the key trading partners of China, with manufacturers in Nigeria importing one-third of raw industrial materials from China and the bilateral trade volume from January to August 2020 reaching 11.9 billion USD. Canton Fair serves as a major platform for the growing number of Nigerian buyers.

Driven by the strong demand of Tanzania for Chinese products ranging from agricultural machinery to textiles, China has also become a main trading partner with Tanzania, with the bilateral trade volume of the two countries showing a promising prospect for economic cooperation. As the Canton Fair continues to open up more channels for Tanzanian buyers to purchase high-quality products from China, the new partnership also enables the Tanzania Private Sector Foundation to leverage its business networks to promote the Canton Fair in the country.

“These new partnerships will allow the Canton Fair to offer better services, facilitate business processes and promote trade development for all parties. We wish the world will soon achieve early victory against the COVID-19 pandemic, so we can bring global companies together at the offline Canton Fair once again to build an open world economy,” said Li Jinqi, Vice President and Secretary General of Canton Fair and Director General of China Foreign Trade Centre.

Harnessing the Canton Fair’s advantage as an open platform for global trade, CFTC has been expanding its trade networks and optimizing services for buyers by promoting the Canton Fair Global Cooperative Partnership Program to strengthen trade links with world-leading global industrial and commercial institutions. The program aims to create a comprehensive, multi-level and diverse ecosystem for win-win cooperation by sharing resources.

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