CIIE: ROK-China trade relations, not just 'cosmetics'
CGTN
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Smack dab in the heart of the Republic of Korea (ROK)'s capital Seoul is Myeong-dong, a shopper's paradise hidden in a bustling labyrinth of alleyways.

The number one item for visitors to buy? Cosmetics.

You'd be hard-pressed to walk more than 10 feet without running into an animated seller promoting the latest sale and handing out makeup samples to passersby.

The abundance of cosmetics stores in Myeong-dong is a testament to the popularity of the ROK brands that offer everything from low-priced facemasks to high-end serums.

The ROK's cosmetics industry has become a global success, buoyed by the popularity of the ROK pop culture, from K-pop to K-dramas.

Manufacturers are capitalizing on this trend. Industry data shows exports of cosmetics products from the ROK have increased from 1.24 billion US dollars in 2013 to 4.96 billion US dollars in 2017.

Nearly 40 percent of all outbound shipments are to Chinese mainland, followed by Hong Kong at 25 percent, and members of the Association of Southeast Asian Nations (ASEAN) at 11 percent.

Understanding the importance of the Chinese market, dozens of ROK cosmetics-related businesses will have a considerable presence at the China International Import Expo (CIIE) in Shanghai this November.

"We've always needed the opportunity or turning point to approach Chinese consumers and sellers more directly. So, in that respect this opportunity is very important," said Cho Ha-woon, an official at the ROK makeup company Enprani.

Enprani already has a presence in China via online sales through such online websites as Tmall.com. But Cho says a combination of offline and online business is necessary to make significant inroads into the country.

The cosmetics industry is one of hundreds of the ROK firms exhibiting at the CIIE. From mega global brands like Samsung to small- and medium-sized enterprises (SMEs), the goal is to gain a foothold into the world's largest customer base.

China is the ROK's largest trading partner. The two sides are bound together by a free trade agreement that went into force in late 2015.

Total bilateral trade volume ballooned to more than 300 billion US dollars in 2014 ever since the two countries established formal diplomatic relations in 1992.

ROK exhibitors at the CIIE will be getting support from the private, non-profit Korea International Trade Association (KITA), which will offer assistance to hundreds of firms.

The hope is that bilateral trade relations can continue to evolve and go beyond traditional areas.

"The two countries can expand cooperation in high-value sectors, like other service sectors, including culture and distribution, as well as 4th Industrial Revolution sectors like robots and artificial intelligence," said Shim Yoon-sup, who works in the China Department of KITA's International Affairs Group.

Shim added, "the cooperative relationship must develop further drastically and to a higher level."