13 August 2012, Sweetcrude/PRNewswire via African Press Organization (APO)GUANGZHOU, China – As the world’s best athletes give everything during this summer’s sporting season, individuals and governments are trying equally hard to overcome the challenges of the global economy. In Europe, experts are working to solve the ongoing Euro crisis, while in the US small businesses are heading online to boost sales. Beating the recession has become a medal-worthy activity in itself.
In China, increased efforts have been made to expand trade with developing economies such as Russia and Brazil. Chinese Premier Wen Jiabao recently proposed a free trade pact between China and South American trade bloc Mercosur, which includes Brazil and Argentina. China wants to double its annual trade with Latin America to US$400 billion over the next five years.
Russia, another new market area, is China’s most important strategic partner and trade relations between the two countries remain buoyant. Trade between the two countries reached nearly US$80 billion in 2011 – the goal is to increase this to US$200 billion by 2020.
Increasing trade with developing economies was one of the most encouraging trends of the 111th Canton Fair, China’s biggest trade show, which closed in May. Business with BRIC countries and other emerging markets rose over 4%.
China’s textile and apparel industry is capitalizing on new trade relationships, with exports to Latin American countries rising 38% last year. Over 4,000 textile and apparel companies participated in the 3rd phase of the 111th Canton Fair, eager to explore emerging market potential.
The market for traditional Chinese medicine and healthcare products is also encouraging. According Fair exhibitors, the number of Russian purchasers increased significantly over previous sessions. Trade in mechanical and electrical products followed the overarching trend too – the value of contracts with Latin American companies rose 18.5% year-on-year. Wang Biao, a salesman from the Anhui Light Industry International Co. Ltd., said his company had engaged far more buyers from South America and Russia.
Emerging economies are the focus of much of the world’s new trade. China remains one of the best places to take advantage of new business opportunities, and the Canton Fair is the perfect one-stop shop for purchasing quality Chinese products.
Buyers and sellers look forward to the 112th session, opening on October 15, 2012.