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Qingdao FTZ holds Cross-border Barter Trade Association establishment conference

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chinadaily.com.cn|Updated: June 30, 2022

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Wang Hui, president of the Qingdao Cross-border Barter Trade Association, speaks during the conference on June 21. [Photo/WeChat ID: qingdaozimao]

A conference for the establishment of the Qingdao Cross-border Barter Trade Association was held in the China (Shandong) Pilot Free Trade Zone Qingdao Area, or Qingdao FTZ, on June 21.

The association will make every effort to create a hub for cross-border barter trade information, goods, transactions, pricing and settlement, and become an important engine for leading the development of the barter trade industry.

Wang Hui, a Party committee of Qingdao Development Group Co Ltd member and the general manager of Qingdao Development United Supply Chain Co Ltd, was elected president of the association.

Wang said that the association will focus on building a new mutual assistance and cooperation platform for cross-border barter trade enterprises, a win-win development platform for the industry chain, a platform for talent training and business incubation, and a communication platform between the government, enterprises and research institutions.

The business scope of the association includes industry research, statistics, information collection, participating in the formulation and revision of technology and quality standards, organizing and promoting the implementation of industry standards, and organizing industry training, technical consultation, external exchanges, exhibitions and product promotion activities.

During the conference, the Cross-border Barter Trade Alliance's East Africa Office and West Africa Office were also established. The two offices are expected to provide a guarantee for the authenticity of barter trade transactions and greatly reduce the risk sources of cross-border barter trade.

Qingdao FTZ launched the Cross-border Barter Trade Alliance last year. The first batch of the 92 members of the alliance, including 75 domestic members and 17 overseas members from 11 countries and regions such as India, Nigeria and Ghana, cover international trade, logistics and transportation, technology research and development, and other industries. The alliance and the Qingdao Cross-border Barter Trade Association will help Qingdao FTZ pioneer the development of cross-border barter trade under China's new development pattern of "dual circulation".

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