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Urve Palo signed three economic treaties with China

Minister Palo signing the Estonia-China Memorandums of Understanding in Budapest.
Minister Palo signing the Estonia-China Memorandums of Understanding in Budapest.

This Monday in Budapest, Minister of Entrepreneurship and Information Technology Urve Palo signed three Memorandums of Understanding with the ministers of the People's Republic of China to improve bilateral cooperation between the two countries.

The first agreement, the Silk Road Initiative Memorandum, is necessary for practical cooperation, economic growth and the creation of economic ties between the two countries. "For Estonia, the agreement means prospects for foreign investments and provides additional opportunities for connecting the Rail Baltic rail link with the East-West transport corridor," Minister Palo said.

The Digital Silk Road Agreement strengthens cooperation between the two countries in information technology. The memorandum outlines various areas for cooperation between Estonia and China, including the development of e-commerce ecosystems, digital services, the exchange of technological information and facilitating the connectivity of logistics and trade information.

The E-Commerce Agreement promotes bilateral trade promotion and cooperation and supports trade relations. The aim is to establish a common procedure for electronic commerce, to encourage entrepreneurs to cooperate more in electronic commerce and to support the development of electronic commerce cooperation in business relations.

"The economic relations between Estonia and China continue to grow. In addition to traditional fields such as industry and tourism, we can increasingly talk about digital cooperation and online shopping," said Palo. The Minister pointed out that Omniva has been very successful in promoting a business relationship with China. Omniva is setting up a new logistics centre to serve the growing volumes of cargo. "I see no reason why Omniva's success could not be extended to other companies, taking advantage of the geographical attractiveness of Estonia, quick management and favourable business environment," she added.

The Minister also highlighted the growth of tourism in recent years. "In the middle of the 2000s, around a couple thousand Chinese tourists visited Estonia annually, but by now these numbers have grown tenfold. And as the Chinese prime minister Li Keqiang said in his speech today, the number of tourists continues to increase," Palo said.

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