Trade promotion system yields strong dividends

Since 2020, Guangxi's trade promotion system has provided commercial legal guarantees related to expanding its opening-up with regard to rules, management and standards.

The system has made numerous improvements in innovating work mechanisms, expanding service fields and creating distinctive brands while promoting demonstration cases and establishing cooperative platforms.

Huang Yongyi, manager of a trading company in Guangxi, said that after the company took advantage of opportunities to better engage customers following the downturn caused by the COVID-19 pandemic, its business volume has shown a dramatic increase.

Huang said the China Council for the Promotion of International Trade Guangxi Committee has signed and issued commercial documents such as Regional Comprehensive Economic Partnership certificates of origin, which reduce trade costs and provide assistance in driving market expansion.

The RCEP agreement, signed by China, Japan, South Korea, Australia, New Zealand and the 10 ASEAN members, took effect on Jan 1, 2022.

To adapt to the continuous development of China's economic and trade cooperation with other RCEP members and the growing demand for commercial legal services, the Guangxi committee has nurtured the Symposium on China-ASEAN Commercial Legal Cooperation under the framework of the China-ASEAN Business and Investment Summit.

The symposium has been held eight times, promoting the implementation of internationally accepted solutions to commercial disputes such as litigation, arbitration and mediation in Guangxi.

The committee has also organized the Forum on International Cooperation for China's FTA Promotion and Implementation, the RCEP and ASEAN International Arbitration Summit and the RCEP Business Leaders Forum. Additionally, The e-Book on Interpretation and Utilization of RCEP Agreement was launched at the RCEP Business Leaders Forum in January 2022.

The Guangxi committee assists enterprises in understanding investment policies, laws and regulations of target countries and facilitates economic and trade communication between China and other RCEP members by effectively providing commercial legal services for regional economic development.

Yang Yanyan, chairperson of the Guangxi committee, said: "The 20th China-ASEAN Business and Investment Summit, to be held from Sept 16 to 19 in Nanning, will be a fruitful event."

The committee will make the forum on commercial law, under the summit framework, a platform to improve the comprehensive one-stop public legal service system. It also hopes to better support internationalization of enterprises and offer high-quality commercial legal service to aid in Guangxi's steady expansion of the opening-up involving rules, management and standards, Yang added.