2021 Zhejiang Export Online Fair (Thailand - Hardware&Electromachanical Products), organized by Zhejiang Department of Commerce and undertaken by Zhejiang Samexpo Exhibition & Convention Holdings Co., Ltd., was held on the online ZOOM platform from 8-12 March. The organizer forecast the turnover will exceed US $5 million.
The project is strongly supported by professional institutions such as The Machinery and Parts Association of Thailand. On November 15, 2020, China signed the Regional Comprehensive Economic Partnership (RCEP), marking the largest free trade agreement in the world. The agreement encompasses the major countries in the East Asia region and will provide a strong impetus for ASEAN regional and global economic growth.
Thailand is an emerging economy, which is regarded as an emerging industrialized country as well. Thailand is the second-largest economy in South East Asia, second only to Indonesia, and with its rapid economic development, the economic structure has undergone significant changes. Industry and service industry are the two major sectors of the country's GDP, with the former accounting for nearly 40% of the total. The main imported products cover hardware products and parts, industrial and machinery products, auto parts, building materials, metal products, etc.
Since the establishment of the China-ASEAN Free Trade Area, tariffs on over 90% of China's trade with ASEAN have been reduced to zero. At present, the total economic volume of the two sides is close to the US $13 trillion, accounting for nearly 60% of Asia's total and 13% of the world's total trade volume. This is the world's largest FTA in terms of consumers and area covered, and has been described as the "future third largest economy in the world" after the European Union and the North American Free-Trade Area. The full completion of the China-ASEAN Free Trade Area will create immense business opportunities and broad prospects for both Chinese and ASEAN business communities, therefore, entering the Thai market can bring benefits to more than 10 of its neighboring countries.
The exhibitors participating in this online exhibition provide a full range of hardware tools and accessories, etc. During the five-day online exhibition, on the basis of offline matching before the exhibition, these Zhejiang enterprises will conduct one-to-one precise trade negotiations with Thai buyers online. This Thailand online fair will have more than 200 rounds of trade negotiations and the intended turnover will exceed US $5 million.