Teochew International Federation establishes Business Alliance for Global Free Trade Ports

The Teochew International Federation has established the Business Alliance for Global Free Trade Ports during its 21st convention held in south China's Hainan Province on Dec. 4, 2022, with a proposal named Hainan Consensus also signed during the meeting.

The Teochew International Federation’s Business Alliance for Global Free Trade Ports is established in south China’s Hainan Province on Dec. 4, 2022. (Photo/People’s Daily Online)

The alliance was launched by the Chaoshan Economic Promotion Association of Hainan Province, and several well-known international Teochew federations such as the Chaoshan Businessman Union (U.A.E), the U.S. Chaoshan Chamber of Commerce, and the Canada Chaoshan Business Association.

The alliance aims to promote communication and cooperation between Teochew business communities in China and abroad. Utilizing the strategic location of the Hainan Free Trade Port, it will deepen practical cooperation in funding, talent sharing, technology, information and data among major free trade ports and free trade zones throughout the world. It will work to advance the development of emerging free trade ports and free trade zones in the world, including Hainan Free Trade Port, and, with the support of China's huge consumer market, facilitate the sharing of free trade resources globally.

According to the proposal, members of the alliance will use existing economic connections among the free trade ports of its member countries to expand and deepen free trade, boost economic growth and fair economic development. They will also draw on the same resources to promote economic cooperation globally, while establishing effective and mutually beneficial coordination mechanisms for all Teochew federations to promote trade and investment. Special efforts will be made to better share the policies and benefits of the Hainan Free Trade Port among the world’s Teochew Federation members.

The alliance has a council, rotating presidency, and secretariat, whose office is in Hainan, and it will hold a themed forum and convention annually. It welcomes Teochew federations from regions with free trade ports or free trade zones as new members, as well as legal entities of non-Teochew federations as observers.

The alliance plans to further organize economic exchanges and push industrial cooperation among Teochew federations from regions with free trade ports or free trade zones and hold business study tours regularly in the future.