China to discuss trade in services

China to discuss trade in services


A Chinese Ministry of Commerce spokesperson on September 26, 2013 said that the country will soon join the talks for a deal on trade in services. The spokesperson went on to say that the plan will be in accordance with need for economic restructuring in the country.

China trade in servies

Yao Jian, during a news briefing said, “Consensus has been reached at home on joining the talks. It won’t be long before China participates in the negotiations, and ministers from China and the United States have already consulted each other on the issue”. Jian also stated that it is difficult to predict when exactly will the pact be reached.

The United States and the European Union, as well as over two dozen economies have led the Trade in Services Agreement. The discussion was launched in 2012, in order to break the delay in the World Trade Organization talks. Yao also said that, for China, the services sector is considered to be a crucial driver of economic growth and is extremely important for economic restructuring of the country.

The spokesperson said that it is natural for the country to observe the Trade in Services Agreement talks and also informed that the sector accounts for 44 percent of the GDP of China, which is significantly lower than in other, developed economies, due to which it is important for the country to develop its services sector.

Photo Credits: EBeijing