(Yicai Global) Jan. 17 -- Zhejiang China Commodities City Group Co., which operates the world's largest small-commodity wholesale market in the Chinese city of Yiwu, will set up a joint venture with two local logistics firms to boost trade with Czech Republic and EU as a whole, the company said in a press briefing today.

The company will link up with Shanghai-based courier YTO Express Group Co. and Yiwu trading firm International Land Group Co., to establish a CNY500 million (USD77.5 million) enterprise focused on increasing dialogue with the Czech Republic to establish the country as a gateway for the import of goods into the EU.

Commodities City Group will take a 40 percent stake in the joint venture through a CNY200 million contribution, while YTO Express and International Landport Group will take 38 and 22 percent shares, respectively, through investments of CNY190 million and CNY 110 million.

The joint enterprise aims to capitalize on the geographical advantages of the Czech Republic to increase trade volumes with the EU, supported by the vast network of transit and logistics hubs that now link it with China.