ISLAMABAD    -  There are broad prospects for China-Pakistan service trade cooperation which will lead to further cementing the brotherly ties between the two states, China Economic Net (CEN) reported on Thursday quoting Chinese scholar Prof. Cheng Xizhong.

According to Prof. Cheng, the China International Fair for Trade in Services 2020 was successfully held in Beijing, which shows that China attaches great importance to service trade.

Since China joined WTO in 2001, the total import and export volume of China’s service trade increased from 71.9 billion US dollars to 743.4 billion dollars in 2019, that is to say, it has increased 10 times in the past 20 years.

In the future, the structure of China’s service trade will gradually upgrade, and the export of service trade will gradually tend to the areas with obvious “scale economy effect”, such as R&D, design and brand. The prosperity of service industry is an important feature of modern economy.

“In my observation, Pakistan’s service market is more open than the average level of developing countries, but service trade in Pakistan is facing the problems of increasing deficit year by year and insufficient international competitiveness,” he said.

He added that the two-way investment in the service industry of China and Pakistan is in the ascendant, and there is a great potential of service trade.

With the steady progress of the construction of the China-Pakistan Economic Corridor, there are broad prospects for service trade cooperation between both countries in project contracting, transportation, communication and other industries, Prof. Cheng added.