Utilizing the Regional Comprehensive Economic Partnership (RCEP)... Gyeonggi-do Small and Medium Enterprises Pioneer the Japanese Market

Consultations 64 Cases, Export Consultations $4.3 Million, Contract Promotions 64 Cases $760,000

Japan Market Development Team [Gyeonggi-do]

[Asia Economy Reporter Ra Young-cheol] Small and medium-sized export companies in Gyeonggi Province utilized the Regional Comprehensive Economic Partnership (RCEP) to conduct a total of 64 export consultations worth 4.3 million USD (approximately 5.3 billion KRW) with Japanese buyers and secured contracts worth 760,000 USD (approximately 900 million KRW).

The Regional Comprehensive Economic Partnership (RCEP) is a multilateral agreement involving 16 countries, including the 10 ASEAN nations, South Korea, China, Japan, Australia, New Zealand, and India.

Gyeonggi Province and the Gyeonggi Regional FTA Utilization Support Center announced on the 8th that "from the 30th of last month to the 3rd of this month, the '2022 Gyeonggi Province RCEP Utilization FTA Market Development Team' was conducted."

According to the province, 17 excellent companies selected through market feasibility evaluations participated in this FTA market development team, which was held to support small and medium-sized export companies entering the Japanese market. They held online non-face-to-face export consultations with buyers in Japan (Osaka, Fukuoka).

In particular, products with high local demand such as daily necessities, cosmetics, and machinery and equipment attracted the attention of buyers.

Among the participating companies, company A, which specializes in lighting and display-related products, was recognized for its product competitiveness by local buyers and plans to pursue contracts worth a total of 100,000 USD.

Recently, due to the new Korean Wave boom and other factors, the popularity and interest in Korean consumer goods have increased in Japan. Since the RCEP came into full effect in February this year, companies exporting to Japan have gained enhanced price competitiveness.

The province and the Gyeonggi FTA Center plan to promote FTA market development teams targeting the Middle East and Eastern Europe, as well as trade promotion teams targeting Central Asia and ASEAN in the future.

Kim Tae-hyun, Director of the Foreign Trade Division, said, "Starting with consultations with buyers in Osaka and Fukuoka, we will further strengthen export support to open up new opportunities throughout Japan."

This content was produced with the assistance of AI translation services.