Editor's note: Moulik Jahan, a special commentator for CGTN, is an independent researcher, freelance columnist and strategic and security affairs analyst. The article reflects the author's opinions and not necessarily the views of CGTN. 

China is hosting the 2023 China International Fair for Trade in Services (CIFTIS) from September 2 to September 6 at the China National Convention Center and the Shougang Park in Beijing. The event welcomes companies and media industries from all over the world. It has a 155,000 square meter display space and 51 countries and 24 international organizations each have a booth there. More than 2,200 businesses from around the world participate in offline exhibitions. The CIFTIS is one of the world's leading venues for the exchange of goods and services internationally.

The 2023 CIFTIS will build consensus, strengthen confidence and pool efforts for the development of the global service sector and trade in services, President Xi Jinping said Saturday while addressing the Global Trade in Services Summit of the 2023 CIFTIS via video.

The focus of the CIFTIS in 2023 is on offline activities and international cooperation. It will start a signing ceremony for the Beijing treaty on the Judicial Sale of Ships, a United Nations treaty, and hold the "Invest in China Year" promotion event for the first time. Further highlighting its pioneering position in technological, business and model advancements will be the CIFTIS of 2023. The fair presents an unrivaled chance for firms to enter the vibrant Chinese service sector thanks to its wide-ranging reach and extensive services.

2012 saw the debut of the CIFTIS. It is the largest and most comprehensive exposition in the field of international trade in services as well as the premier event in China. Transport, travel, construction, insurance, finance, telecommunications, computer and information services, intellectual property royalties, personal, cultural, and recreational services, maintenance and repair services, other business services, processing services, and government services are some of the sectors that are covered by CIFTIS.

The CIFTIS 2023 is hosting 202 activities, including forums, summits, and negotiations. The significance of these events is due to both the opportunities it offers for international enterprises as well as its function as a forum for promoting trade in services. It gives companies a window into the Chinese services sector, allowing them to learn vital information and look into prospective business prospects. As a result, the global conversation on service trade is enriched.

The Chinese services sector has enormous potential that has yet to be realized. Recent statistics revealed that China's exports of services continue to grow, demonstrating China's ongoing efforts to promote opening up. Data on the export of services reached 3.67 trillion yuan ($503.42 billion) in January through July, up 8.1 percent year over year.

The value of China's services trade has continued to rise quickly, rising by 12.9 percent annually to a new high of around 6 trillion yuan in 2022, placing it second in the world for the ninth consecutive year.

The travel industry has swiftly rebounded. Travel services continued to be the service trade sector with the strongest growth from January to July, with import and export totaling 768.13 billion yuan, a rise of 66.2 percent from the same period last year. They had an increase in imports of 67 percent and a rise in exports of 55.8 percent.

The CIFTIS would accelerate the services industry's growth momentum, provide a key foundation for expanding the services market opening, and open up new doors for opening up the services industry. China has already begun to welcome international companies into its services industry.

The conference is anticipated to be a crucial venue for firms from across the world to investigate the Chinese services sector and for journalists to highlight important developments in global commerce. Foreigners and experts are keenly interested in the happenings, even outside of China. According to a Turkish academic, the 2023 China International Fair for Commerce in Services would offer a strong platform for the introduction of certain cutting-edge initiatives to promote high-quality international commerce. Selcuk Colakoglu, head of the Turkish Center for Asia-Pacific Studies in Ankara, recently said that the CIFTIS will play a role in determining the future of a number of industries, including carbon neutrality, artificial intelligence and the metaverse.

By negotiating numerous trade agreements in accordance with the Belt and Road Initiative (BRI) framework, China's partners can enhance their business connections for a win-win benefit as China has established the framework for the move toward a concentration on services trade thanks to its prowess in commodities trade and its expanding reputation in terms of outbound investment, which has been boosted by the BRI.

The trade event can pave the way to usher a new level of economic ties between countries. As a significant sector of economic and commercial cooperation between nations, the trade in services is a vital part of global commerce. It is crucial to nurture a fresh approach to developing bilateral ties. For example, the UK sent its largest business delegation in four years to the CIFTIS in 2023 as the Guest Country of Honor.

A Minister of State from the UK's Department for Business and Trade serves as the group's leader. The trade expo is a venue for interaction between over 60 UK businesses and their Chinese counterparts as they look for new chances for cooperation. Businesses may meet and interact with senior Chinese government officials at the expo, and they can also go to important events like the Global Trade in Services Summit. The visiting President of Benin Patrice Talon is invited to be present at the Global Trade in Services Summit. It is important to foster commercial relationships between the two sides. This occasion may open the door to highlighting the cordial and tight ties that exist between the countries.

Essentially, the 2023 CIFTIS is more than simply an occasion; it serves as a hub for global business prospects, a hub for cross-border service trade and a portal to the Chinese service industry. It is an occasion that demonstrates the interconnectedness of international trade and the ability of the service sector to promote world economic expansion. The CIFTIS is an excellent chance for corporations to interact with government stakeholders, for China to showcase its own service sector capabilities and goals, and for foreign service firms to establish partnerships with local partners. The proper route of enduring good friendship, shared growth, and prosperity can be taken by China and its partners.

(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 in the CGTN Opinion Section.)