Introduction:
The Global Trade and Services Summit (CIFTIS) 2021 commenced in a context of global pandemic challenges and fragile economic recovery. President Xi Jinping, Vice Premier Han Zheng, and a host of international dignitaries, ministers, and representatives attended the summit.

Focus on Digitalization and Innovation:
The CIFTIS 2021 centered on the theme of “Digitalization Propels Services Trade; Innovation Leads Development.” An exhibition showcased China’s achievements in trade services and featured a special area for digital trade. The Shougang Park served as a thematic venue, representing an 18% increase in exhibition space compared to the previous year.

Enhanced Participation:
Over 11,000 companies from 153 countries and regions registered as exhibitors, marking a 45% increase from the previous event. International exhibitors accounted for 51% of the total, reflecting global interest in the summit.

Call to Action:
The organizing committee encouraged participants to utilize the CIFTIS platform for establishing contacts, enhancing exchanges, and increasing cooperation results. The aim was to contribute to the growth of global trade and services amidst the changing landscape of digitalization and innovation.

President Xi Jinping’s Remarks:
President Xi Jinping delivered a video address, providing insights and guidance on China’s commitment to trade and services growth. The full video remarks were not included in the summary.

Opening Remarks:
The China International Fair for Trade in Services (SIFTES) 2021 emphasizes a “digital future” and “service-driven development.” SIFTES aims to foster a new development paradigm and promote world economic recovery and growth.

Openness and Cooperation:
China will uphold openness, cooperation, mutual benefit, and win-win, sharing opportunities in services trade growth. China will implement a negative list for cross-border services trade, explore national demonstration zones for innovative development, and scale up support for services sector growth in Belt and Road partner countries.

Rule Improvements:
China will support Beijing and other localities in aligning domestic rules with high-standard international free trade agreements and in building demonstration zones of digital trade.

Support for Innovation:
China will continue to support the innovation-driven development of small and medium-sized enterprises (SMEs) by deepening the reform of the New Third Board and setting up a Beijing Stock Exchange for innovation-oriented SMEs.

Addressing Global Challenges:
China is committed to working with other countries to defeat the COVID-19 pandemic and address challenges facing the world economy and international trade and investment.

Closing Remarks:
President Xi Jinping emphasizes the importance of strengthening international cooperation on services trade and expresses his hope for a successful CIFTUS. President Xi announces major opening-up measures, including opening up at a higher level, creating more possibilities for cooperation, and improving rules for the services sector.

Belarus: Expanding Cooperation with China
Belarus President Alexander Lukashenko emphasized the importance of expanding cooperation with China in trading services, particularly in areas such as education, tourism, and medical services. Belarus is committed to promoting a convenient service to trade, removing barriers, and attracting investment. The country’s unique geographical advantage and infrastructure make it a major cross-border transportation corridor under the Belt and Road Initiative, contributing to the smooth operation of the China-Europe freight train.

Uruguay: Deepening Friendship and Cooperation with China
Uruguayan President Luis Lacalle-Pou expressed gratitude for China’s invitation to the summit and highlighted Uruguay’s commitment to deepening friendly and cooperative relations with China. Uruguay sees China as a significant partner in trading goods and seeks to enhance cooperation in trade in services. Uruguay’s strengths in areas such as port, logistics, and software have resulted in a services trade surplus with China, reaching 200 million U.S. dollars annually. The country’s unique geographical location, free seaport, airport, and competitive bounded areas make it attractive for investment. Uruguay’s IT industry has grown rapidly, positioning it as a major exporter in the region and a leader in IT development in Latin America.

Investment Opportunities and Benefits:
Uruguay’s favorable conditions, such as political stability, high living quality, legal framework, tax policy, and skilled human resources, make it attractive for international companies. Uruguay and China share a commitment to promoting the development of services and deepening their bilateral relationship.

Zimbabwe’s Focus on Technological Advancement and Economic Growth:
The 2021 Global Trade in Services Summit’s theme is timely as the world economy becomes increasingly technology and services driven. Zimbabwe is prioritizing innovation and trade policy harmonization to enhance production, productivity, and economic growth. The country is undergoing structural transformation in key sectors like agriculture, mining, and manufacturing, focusing on efficient services, modern technologies, and skills upgrading.

Infrastructure Development and Investment Opportunities:
Zimbabwe aims to become an upper-middle-income economy by 2030, with a focus on modern and developed infrastructure. Investment opportunities exist in energy, power generation, transport, and ICTs.

Cooperation in Health Services and Digital Economy:
Zimbabwe seeks increased cooperation with China and other partners in promoting science-based epidemic control systems and medical technology innovation. The country views the digital economy as strategic for its economic transformation, aiming to create an enabling ecosystem for innovation, entrepreneurship, and job creation.

Smart Zimbabwe 2030 Master Plan:
Zimbabwe has developed this plan to drive ICT innovations and address changing public needs and global trends. The plan includes spearheading smart agriculture in Africa and transforming agriculture for national prosperity.

Investment Opportunities in Tourism and Infrastructure:
Zimbabwe offers investment opportunities in tourism, infrastructure development, and broadening tourism prudence.

Regional Cooperation and Investment Incentives:
Zimbabwe’s strategic location in southern Africa makes it attractive for regionally targeted investments, especially under the Belt and Road Initiative. The country’s natural resources and skilled workforce also serve as investment incentives.

Irish Prime Minister Michel Martin:
Ireland is honored to be the country of honor at this year’s fair, showcasing Irish offerings in tourism, culture, higher education, technology, agri-food, trade, and investment. Ireland and China have strong trade relations, with China being Ireland’s largest trading partner in Asia and fifth largest globally. Ireland supports the strengthening trade relationship between China and the EU.

Vietnamese Prime Minister Pham Minh Chin:
Digital cooperation is vital in addressing challenges such as COVID-19, climate change, and natural resource depletion. Vietnam emphasizes digital transformation and developing a digital economy and society. International cooperation is needed to ensure digital transformation narrows divides and promotes equitable access to public services. International agreements should consider countries’ needs in national security, cybersecurity, privacy, anti-monopoly, and tax obligations. Collaboration in education and human resources is crucial to enhance digital proficiency and skills. Vietnam is committed to facilitating digital technologies and trade to keep goods, services, and people flowing smoothly during the pandemic.

Strengthening Cooperation:
Countries should work together to boost cross-border e-commerce, especially for seasonal agricultural products.

Vietnam’s Digital Landscape:
Vietnam has signed 17 free trade agreements with 60 partners and has a large young population that is innovative and adaptable to digital technologies. 70% of the Vietnamese population uses the Internet, and the country has one of the fastest-growing ICT sectors in the world.

Vietnam’s Hopes for Digital Economy Cooperation:
Vietnam wants to prioritize digital economy cooperation in its Comprehensive Strategic Partnership with China and in its broader global cooperation.

Vietnam’s Goals for Digital Economy Cooperation:
Vietnam aims for digital economy cooperation that is open, inclusive, sustainable, and based on mutual respect, humanistic values, equality, and mutual benefit. The goal is to contribute to the sustainable development of countries and bring tangible benefits to people in the region and beyond.

Conclusion:
Vietnam wishes for the success of the 2021 China International Fair for Trading Services and the Global Summit on Trading Services.

Global Economic Recovery:
While the global economic recovery is underway, it remains uneven, and uncertainty persists. Global GDP is projected to grow by 6% in 2021 and 4.4% in 2022, following a 3.5% contraction in 2020. China’s recovery has been stronger, with GDP projected to expand by 8.5% in 2021, contingent on the health situation remaining under control.

Services Trade:
Services represent around 80% of global GDP and over half of China’s GDP. The pandemic significantly impacted services trade, with the value of total commercial services exports decreasing by 12% in the G7 and increasing by 23% in China in Q1 2021 compared to the same period in 2019. Continued efforts to open up the services sector are key to facilitating a services-driven recovery and transitioning towards a more consumption-based economy.

Digital Services and Trade:
The pandemic accelerated the use of digital services, highlighting their increasing importance in the global trade network. Barriers affecting digital trade remain a concern, despite the prevalence of remote working and online economic activities. A strong rules-based trading system and global standards can help overcome global divides and facilitate cross-border data flows. Ongoing conversations about digital trade, such as the WTO’s Joint Statement Initiative, are crucial for building internationally cohesive outcomes.

OECD’s Role and Initiatives:
The OECD has been developing instruments to maximize the benefits of global trade and investment, including standards on responsible business conduct and recommendations on artificial intelligence. The OECD has also addressed tax challenges resulting from the digital transformation of economies and appreciates China’s involvement in the two-pillar agreement to reform international taxation rules.

Collaboration and Partnerships:
Dialogue and multilateral cooperation are key to fostering open, innovative, and inclusive services trade. The OECD will continue working with its members and partners to find common approaches to common challenges and develop a stronger global economy that benefits people worldwide.

Digitalization and Services in the Global Economy:
The digital revolution has propelled services to the forefront of economic activities, driving development. Digitalization has surged in service sectors like retail, banking, and consulting due to the pandemic. Artificial intelligence, big data, and 5G facilitate remote healthcare and education.

Digitalization and Trade:
Digital technologies enhance the tradability of services, creating opportunities for developing countries. Developing countries can access global markets with lower costs and higher speeds. Digitalization enables participation in global value chains, boosting trade and development.

Services Trade Growth and Inequality:
Digitalization has tripled the value of digitally deliverable services from 2005 to 2019. High-income countries dominate digital service exports, while low-income countries lag. Digitalization risks exacerbating existing inequalities within and between countries.

Challenges and Cooperation:
Digitalization of services brings policy, legal, regulatory, and ethical challenges. International cooperation and multi-stakeholder engagement are crucial. UNTAD’s inter-ministerial conference and digital global services forum address these issues.

The Future of Services Trade:
Greater digitalization will expand trading services and their share in global trade. Developing countries can increase participation in services trade with digital means. Services will increasingly be traded as value-added content in goods trade. Government policies play a significant role in affecting trading services. Barriers to digital services supply, like data flow restrictions, will gain attention.

SIFTUS 2021 Opening Remarks:
Vice Premier Han Zheng of the People’s Republic of China declared the 2021 China International Fair for Trading Services (SIFTUS) open.

WTO Negotiations for Digital Trade:
WTO members are negotiating new rules on e-commerce, services, domestic regulation, and investment facilitation for development.

Importance of Inside-the-Border Measures for Digital Trade:
Inside-the-border measures that enable and facilitate services, transactions, and trade are crucial for digital trade. These measures include regulatory frameworks, transparency, efficiency, effectiveness, and predictability of administrative requirements and procedures.

Benefits of Reducing Fragmentation in Trade and Investment Governance:
Reducing fragmentation in international trade and investment governance can help reduce costs and improve the business environment for efficient and sustainable trade and investment.

Conclusion:
The 2021 Global Trading Services Summit was concluded with wishes for productive deliberations and a highly successful outcome.