At the event celebrating the co-operation

English as a Second Language English Vocabulary, Grammar and Idioms
1

At the event celebrating the co-operation of Vietnam, Japan, South Korea and America, VNNO will perform with South Korean pianist genius Isadora Kim, and Japanese conductor Honna Tetsuji.
I would like to know why the present participle “celebrating” used here.
Does it mean “which are celebrating”?
Also, can I use “to celebrate” in the sentence above in place of “celebrating”?

2

At the event which celebrates…
At the event which is a celebration of…
Yes, you can use ‘to celebrate’

3

Thanks for your suggestions.