China''s CIFTIS platform to boost trade in services -- WTO official
2020-09-07 14:01:30 Xinhuanet.com
World services trade is set to boom with digitization and e-commerce, and China''s flagship fair kicking off Thursday will provide a platform for more international cooperation in this field.
World services trade is set to boom with digitization and e-commerce, and China's flagship fair kicking off Thursday will provide a platform for more international cooperation in this field, a World Trade Organization (WTO) official said.
Chai Xiaolin, director of the WTO's Trade in Services and Investment Division, said the 2020 China International Fair for Trade in Services (CIFTIS) taking place in Beijing from Sept. 4 to Sept. 9 is set to further bolster the role of global services and services trade.
"The forthcoming CIFTIS is a substantial and tremendous effort from China, as it is not only an international gathering of great importance and magnitude, but also the very first one held since the outbreak of the COVID-19 pandemic," Chai told Xinhua in a recent written interview.
The CIFTIS 2020, one of the world's largest comprehensive fairs for trade in services, has both online and offline events due to the global pandemic situation.
Under the theme of "Global Services, Shared Prosperity," the CIFTIS 2020 will host a total of 190 forums with over 17,000 companies attending. During the fair, a number of reports and new technology applications will also be released.
"In the long run, CIFTIS will continue to advance services and services trade as key contributors to the world economic recovery and world trade development," Chai said.
FUTURE OF SERVICES TRADE
Chai said that the future of trade in services will be shaped by four trends: digitization, the rise in income, demographic development and climate change.
"Digitization is further realizing the potential for the cross-border supply of services. E-commerce related services trade has now taken up an increasing share of the world trade in services," she noted.
According to World Bank data, the services industry represents around 65 percent of the world's gross domestic product (GDP). In China, services also make up an increasing share of its GDP and currently account for some 54 percent of the country's output.
"Services trade has been growing (5.4 percent) faster than trade in goods (4.6 percent) annually since 2005, reaching 13.3 trillion U.S. dollars in 2017," she wrote, citing numbers of the WTO's latest annual World Trade Report.