Wyeth Nutrition (China) signed a memorandum of understanding with representatives from the Irish dairy industry on imports worth at least 20 billion yuan ($2.89 billion) in the next three years.

The agreement was signed on Tuesday at the CIIE (China International Import Expo) in Shanghai.

China is Ireland's second most important market for dairy exports and Wyeth is a major strategic partner of Ireland in China. In 2017, Wyeth accounted for around 350 million euros ($400 million) of Irish dairy exports to China, which amounted to 666.4 million euros, according to the Irish Food Board.

"We are glad to have a deep conversation with China regarding the food trade cooperation during the expo period," said Tara McCarthy, the CEO of Irish Food Board. "Ireland is known by its high-quality milk source and agriculture products, especially our dairy products are favored by Chinese consumers."

It is anticipated that more memos of understanding will be signed by a number of the companies participating at the event in the coming days.