BEIJING, 23rd May, 2024 (WAM) -- Joesph Keating, Trade Counsellor at the Embassy of Ireland in China, said that China stands as one of our top five global trading partners. He made this statement in an interview with China Economic Net (CEN), at a reception for foreign diplomatic missions, representative offices and international organisations.
The reception was organised prior to the annual China International Fair for Trade in Services (CIFTIS), the largest comprehensive global fair in the field of trade in services, scheduled for September 12th through 16th this year. Four months ahead of the grand autumnal event, nearly 50 countries and international organisations from France, Ireland, Japan, Australia and Mexico have affirmed their commitment to participate.
“Currently, our trade is mostly in goods, yet we are fostering growth in service trade with China. The sheer size and diversity of the market and the fact that its population is moving up the income ladder are discernible advantages of this country,” Keating explained.
France, as the guest of honour of the Fair this year, will set up a national pavilion and hold a series of activities on sports, health care and investment.
“The services market accounts for two-thirds of the global economy, so this opportunity is significant”, said Pascal Gondrand, Commercial Investment Counsellor of the French Embassy in China.
In 2023, CITFIS attracted 28 of the top 30 countries or regions in service trade with over 500 Fortune 500 companies and industrial leaders.
Data from China's Ministry of Commerce indicates that in 2023, China's service trade volume reached a record high with the total imports and exports of services hitting RMB 6,575.43 billion, marking a 10 percent increase compared to the previous year.
This year’s CIFTIS is poised to emphasise international cooperation in emerging fields such as artificial intelligence, digital economy and green development. It is becoming a stage for global organisations to debut the latest achievements in trade in services.