China's booming economy has driven its imported food market to take off, reaching 480 billion yuan in 2018. According to the statistics from General Administration of Customs, the compound annual growth rate over the past decade has been as high as 17.7 percent. There is no doubt that China has become a global food hub and an important export market for food from all countries.
In order to help more high quality products from the Midwestern United States to enter the Chinese market, the letter of intent for friendly cooperation, which was designed to build a business communication platform for both of their member enterprises, boost trade and seek common development, was signed on September 25 by IFA President Qi Yilong and M3C executive president Chen Liaorui.
Based on the principle of mutual benefit, the two sides reached consensus on the following items:
1. To assist food producers and exporters in the Midwestern United States to enter the Chinese market and provide them with the latest market information, industry trends and technologies, as well as the latest relevant policies for Chinese enterprises to import goods from the Midwest;
2. To help Chinese enterprises import high quality Midwestern United States products and provide support for the development of sales channels for imported products in China;
3. To coordinate and promote exchanges between the two sides, send regular delegations (including buyers' groups and sellers' groups) to exchange visits and participate in trade shows to strengthen trade contacts with each other.
We will jointly explore the market by effectively combining the advantages of both sides through this cooperation, and a rich diversity of American tastes will be introduced into China with the help of the powerful channel resources of Guangdong Imported Food Association. In the future, IFA will join hands with M & C to lay a solid foundation for high quality food from the Midwestern United States to enter the Chinese market and deliver more American delicacies to thousands of families in China.