THE Center for International Trade Expositions and Missions (Citem) bared that it is currently in talks with various local companies keen to tap into the 1.4-billion Chinese market by joining the Philippine Pavilion for the upcoming China International Import Expo 2018 (CIIE) in Shanghai from November 5 to 10.
This six-day trade event is a brainchild of Chinese President Xi Jinping, who announced it during the Belt and Road Forum for International Cooperation last year. It is mainly focused on opening up China’s domestic market to international players.
The organizers of the CIIE—the China International Import Bureau and the National Exhibition and Convention Center (Shanghai) Co. Ltd.—expect around $10 trillion worth of goods and services to be generated by the more than 100 foreign exhibitor-participants.
While China is among the Philippines’s top trading partners, there remains a $9.84-billion trade deficit recorded by the government.
Apart from improving further its bilateral relations with one of the world’s economic giants, the Duterte administration can also fortify the value chain of its trade with China by opening opportunities for homegrown businesses to cater to the needs of its vast domestic market.
“Our local producers have a wide array of services and products to offer the Chinese market,” Department of Trade and Industry (DTI) Undersecretary Nora K. Terrado said.
“What is good with our SMEs [small and medium enterprises] is that they are very versatile and can most certainly tweak their product or service offering to suit the distinct needs of the Chinese market.”
Trade liberalization and economic globalization are the main drivers of President Xi’s “Belt and Road” strategy. The CIIE is considered as China’s concrete move to achieve these goals.
“We should take advantage of China’s commitment to do their share in narrowing their trade deficits with their trading partners,” Terrado said.
Local companies who may wish to join the Philippine delegation must be engaged in the trade of consumer electronics and appliances, apparel and consumer goods, food and agriculture products, high-end intelligent equipment, medical equipment and medical products, and automobile.
The services sector comprised of tourism, culture and education spheres, creative design, education, service outsourcing and emerging technologies is invited to participate in the contingent of SMEs being assembled by the DTI, through its export-marketing arm, the Export Marketing Bureau, and Citem.
The Philippines country pavilion at the Enterprise Zone is jointly organized with the Philippine of Chamber of Commerce and Industry.
With approximately 150,000 participants from different countries, the companies exhibiting at the CIIE can also break into other international markets.