Participants take a group picture during the seventh China-South Asia Exposition and the 27th China Kunming Import and Export Commodities Fair at the Dianchi International Convention and Exhibition Center in Kunming, southwest China's Yunnan Province, August 16, 2023. /CFP
Editor's note: Hannan Hussain, a special commentator for CGTN, is a writer and assistant research associate at the Islamabad Policy Research Institute. The article reflects the author's opinions and not necessarily the views of CGTN.
The seventh China-South Asia Exposition and the 27th China Kunming Import and Export Fair kicked off on Wednesday in Kunming, the capital city of southwest China's Yunnan Province. The five-day expo invites substantial impetus for fast-growing trade and business relations between Chinese, Southeast Asian and South Asian markets.
Chinese Foreign Minister Wang Yi attended the opening ceremony of the exhibition as thousands of enterprises convened under the theme of solidarity and cooperation for common development. "Both sides [China and South Asia] should deepen economic and trade cooperation, further promote trade facilitation and system standards docking, drive investment cooperation through joint construction and sharing, and close connection of the global production and supply chains," said Wang.
Since the first China-South Asia Expo was held in 2013, the annual event has played a decisive role in connecting multisector businesses across borders, and dialed-up overall trade momentum between China and South Asia. Last year, aggregate trade volume between China and South Asia bordered nearly $200 billion, clocking an annual growth rate average of over 8 percent. This is a marked uptick from 2013, when total trade stood under $100 billion, only to witness a drastic upward shift with the onset of the first-ever China-South Asia Expo a decade ago.
This year's international exhibition is also noteworthy for its scale and strength of representation. Representatives and guests from 85 countries, regions, and international organizations are set to attend, with guaranteed participation from member countries of the Regional Comprehensive Economic Partnership. The coming together of over 30,000 exhibitors under a single roof also captures the very spirit of common development that has informed Beijing's approach to win-win cooperation across Asia. It is also a fitting tribute to Beijing's consistent commitments to cross-border trade, elimination of regional trade barriers, and all-round opening up.
An external view of the Dianchi International Convention and Exhibition Center in Kunming, southwest China's Yunnan Province, August 16, 2023. /CFP
The exposition's emergence as a major hub for multilateral diplomacy and trade cooperation between Beijing, Southeast Asia, and South Asia also uniquely positions it to advance key aspects of the China-led Global Development Initiative (GDI). Last year is a case in point: contracted investment projects worth nearly $85 billion were finalized to the benefit of influential economic and trade partnerships. Similarly, diverse events spanning business cooperation and think tank forums, as well as technology transfer and innovation convenings, are consistent with GDI's broader goal to spur industrialization and connectivity in the digital era.
Participants from a broad pool of regional countries bring substantial diversity and innovation prowess to this year's expo, adding to the platform's success in coordinating expectations among investors, exhibitionists, and regional markets through contracted investments. As the largest trading partner of the Association of Southeast Asian Nations, China also recognizes the value of cross-border connectivity in fostering industrial, supply chain, and market integration.
To that end, the seventh China-South Asia Expo features viable connectivity mediums such as the China-Laos Railway, which is set to facilitate travel and traffic demand for legions of participants. A rich history of regional cooperation through the Belt and Road Initiative (BRI) also underpins robust China-South Asia trade relations. For instance, the sprawling China-Pakistan Economic Corridor as part of the BRI has attracted $25 billion in foreign investment over the past decade.
Taken together, the seventh China-South Asia Expo serves as a crucial platform to drive forward trade and investment exchanges between Beijing, South Asia, and Southeast Asia to propel regional integration. The coming together of thousands of exhibitors in the five-day expo testifies to optimal opportunities that can help revitalize Asia's development for a better future.
(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries on CGTN Opinion Section.)