Government News
Japanese SMEs Hope to Reap Big Profits From RCEP at 5th CIIE 2022-11-03
Japanese small and medium enterprises are hoping to take advantage of low tariffs promoted by the Regional Comprehensive Economic Partnership and increase the number of products exported to China at the upcoming fifth China International Import Expo.
Source: Yicai
Exhibitors from Japan have brought 172 kinds of sake, a traditional Japanese alcoholic beverage, to the upcoming CIIE, compared with 70 last year, motivated by lower import tariffs in China after the RCEP came into effect in January, Kenji Mizuta, director of the Japan External Trade Organization Shanghai, told Yicai Global.
The RCEP is a multilateral agreement between the 15 countries of the Association of Southeast Asian Nations, China, Japan, South Korea, Australia, and New Zealand. It is the first tariff concession agreement between China and Japan, which rules that about 90 percent of imports and exports between the two countries will gradually decline to achieve zero fees.
Some 280 Japanese SMEs will participate in the expo, nearly the same as last year, Yicai Global learned from the JETRO. The companies will be mainly active in the food, consumer goods, and medical equipment exhibition areas.
Japanese camping equipment suppliers Captain Stag, 38 Explore, and And Myself will attend the CIIE for the first time. “Camping has become popular in China in recent years,” Mizuta said. “Japanese SMEs hope to enter the Chinese emerging consumer market through the expo.”
The trade value between China and Japan has continued to grow in recent years, despite the adverse impact of Covid-19 and the complex international environment. It climbed 17 percent to a record high of USD371.4 billion last year from 2020, according to statistics from China’s Ministry of Commerce.
The trade between China and Japan still has great potential. For example, China’s demand in the elderly care sector will continue to grow with the aging of the population. Japan has a mature industrial model in the industry, so the two countries can cooperate to jointly develop the market, Mizuta noted.
Some 27 Japanese medical device companies will exhibit their latest concepts in elderly care to Chinese consumers at this year’s expo, Yicai Global learned.
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