Trade Promotion Department, Shanghai agree to economic-trade cooperation

The Department of Trade Promotion under the Ministry of Industry and Commerce has signed a Memorandum of Understanding with China’s Shanghai authorities on cooperation in building a “high level economic-trade cooperation forum”.
The agreement was signed during the China International Import Expo, which is taking place in Shanghai from November 5-11, and witnessed by high-ranking officials from Yangpu district and officials from the Lao Consulate in Shanghai.

Representatives of the Lao Consulate and Shanghai attend the agreement signing ceremony.

The MOU is part of the Regional Comprehensive Economic Partnership Agreement (RCEP).
RCEP has stimulated the expectation of Asean countries to share the success of China’s development and opening up, including the expectation of increased cooperation in the One Belt, One Road initiative as China’s trade partners.
Cooperation between Laos and China is viewed as a strong force in promoting mutual integration and fulfilling market potential after joining the RCEP, adding a new force in promoting the development and prosperity of the region, and contributing a new force in restoring the growth of the global economy.
The agreement between the Department of Trade Promotion and Shanghai is basically the actual operation of the Yangpu area to serve Shanghai and the city of Shanghai to serve the whole of China.
This will provide a new platform to create the centre of a unified countrywide market and a strategic link between the dual circulation at home and abroad, as well as creating a new approach for Shanghai as a centre that serves the One Belt, One Road initiative.
The operation of the Laos-China railway created good opportunities and conditions for the signing of the MOU and cooperation between the two sides.
Laos is a landlocked country but the opening of the railway has transformed Laos from being landlocked to a regionally connected country, which gives more Lao people the chance to access China’s market of 1.4 billion people.
Laos has an agricultural base and has strong potential for development, which is compatible with Shanghai’s high demand for high-quality agricultural products.
Shanghai has been the world’s largest international shipping centre in terms of container shipping for 12 years in a row, which is significant for Laos and can make up for the country’s lack of a coastline.
In addition, the Laos-China railway has the potential to become an important bridge linking Shanghai to Laos.

By Times Reporters
 (Latest Update November 9, 2022)