The fourth China-CEEC Investment and Trade Expo opens in Ningbo, East China's Zhejiang province on June 8, 2018. [Photo/IC]

Ningbo, East China's Zhejiang province will cooperate with Latvia in building a China (Ningbo)-Latvia Cross-Border E-Commerce Bay, according to a memorandum of understanding signed by the Ningbo government and the Investment and Development Agency of Latvia at the opening ceremony of the ninth business forum of China and Central and Eastern European Countries (CEEC) in Dubrovnik, Croatia on April 12.

Ningbo is particularly strong in cross-border e-commerce and ranked first in China in terms of cross-border e-commerce imports last year. 

The city's bilateral trade with Latvia has been growing rapidly in recent years thanks to its vigorous efforts in promoting China-CEEC economic and trade cooperation. Its imports from the eastern European country have seen a 30 percent year-on-year increase for three consecutive years.

Latvia is now working to develop cross-border e-commerce through the free trade port in its capital city of Riga. It established a special association to aid in the development of a CEEC e-commerce bay in March.

According to the agreement, Ningbo will collaborate with Riga in providing one-stop services for companies on both sides in terms of storage, logistics, advertising, customs clearance and finance, so as to bolster bilateral imports and exports. 

The China-CEEC Business Forum has become an important platform for Ningbo and Latvia in pursuing cooperation. This is the fourth consecutive year that Ningbo has attended the forum.

The Ningbo delegation described the progress the city has made with CEEC in terms of trade, investment and cultural exchange in recent years, and introduced its plan to drive the development of the China-CEEC Demonstration Zone for Economic Cooperation and Trade which is located in the city.