Shandong province hosted the "RCEP High-level Dialogue on Economic and Trade Cooperation" event on Nov 6 during the fourth China International Import Expo in Shanghai.

Shandong hosts the "RCEP High-level Dialogue on Economic and Trade Cooperation" event on Nov 6 in Shanghai. [Photo/dzwww.com]

The event, hosted by the Shandong Provincial People's Government, focused on the two RCEP core rules of trade facilitation, as well as the integration of industrial and value chains. In-depth exchanges with domestic associations of foreign businessmen, multinational companies, and well-known enterprises were also conducted.

Agreements on 19 investment projects were signed at the event, with a total investment amount of $2.56 billion and $880 million in contracted foreign capital. The signed projects involve high-end equipment manufacturing, high-end chemicals, new energy, new materials, biomedicine, food processing, and other fields.

Agreements on three import projects were also signed, with a contract value of $1.21 billion. The Department of Commerce of Shandong Province and the Ministry of Industry and Trade of Tanzania signed a strategic cooperation memorandum.

"Shandong has a large population, the third largest economy in China, and is close to Japan and South Korea by a strip of water. There is a solid foundation for deepening cooperation," said Yoshinori Ogawa, vice chairman of the Japanese Chamber Commerce and Industry in China, as well as executive director of Marubeni Corporation.

Ogawa expressed optimism about the Shandong market, saying that Marubeni will continue to provide high-quality goods and services to Shandong in the future.

The Regional Comprehensive Economic Partnership was officially signed on Nov 15 last year. Its 15 member countries have a total population of 2.27 billion people and a total GDP of $26 trillion. Their combined exports stand at $5.2 trillion, accounting for around 30 percent of the world's total economic output, data from the Ministry of Commerce showed.

Shandong took the lead in formulating and implementing the "Early Action Plan for the Implementation of RCEP". It also introduced 20 practical measures to expand cooperation with RCEP members in an all-round way, including boosting trade in goods, deepening two-way cooperation in investment and trade in services, as well as creating a first-class business environment.