GUANGZHOU: Despite ongoing economic problems in Europe and the US, figures from the 111th Canton Fair, which closed in May, demonstrated impressive resilience. There was only a slight drop in the volume of contracted exports, with encouraging growth in new business across emerging markets. With the 112th installment of the Fair kicking off on October 15th, organizers are working to ensure this trend continues. Favorable government policies will help, including better export credit insurance and enhanced customs, inspection and foreign exchange services. Export administration costs will also be reduced. China wants to encourage imports while upgrading its foreign trade development pattern – these measures are designed to maintain a healthy international trade environment, which should help the Fair's buyers and exhibitors. In addition to traditional European and American markets, delegations from the Canton Fair are reaching out to businesses in Australia, New Zealand, Tonga, India, Cambodia, Thailand, Malaysia and Indonesia, and continuing to co-operate closely with industrial and commercial organizations from the region. Experts predict that bilateral trade between China and the ten-country ASEAN bloc, which began with a formal trade agreement in 2010, will reach US$500 billion by 2015. At the 111th Canton Fair products such as textiles and electronics proved a big hit with ASEAN buyers. Food and beverage producers from the area such as Malaysia are also keen to leverage opportunities in the Chinese market through the International Pavilion of the Canton Fair. China-Australia trade is healthy too. According to the Australia-China Business Council, the two countries engaged in around $113 billion worth of trade over the last financial year. China remains a key trade partner for New Zealand – Chinese demand for dairy products has recently underpinned the country's overall trade surplus. Rosvi Gaetos, Executive Director of CITEM, the Center For Trade Expositions and Missions from the Philippines, visited the Canton Fair in April for the first time. Impressed with the variety of exhibits and products, she is looking forward to using the Canton Fair as a platform for introducing Filipino products into the Chinese market. And she is not the only one. Across the Asia-Pacific region and beyond, buyers and sellers are eagerly anticipating the 112th installment of the Canton Fair, set to run from October 15 to November 4.
