On 2 September 2021, the Counsellor for Transport and Communications of the Embassy of Latvia in China participated in the Global Trade in Services Summit at the 8th China International Fair for Trade in Services (CIFTIS) in Beijing.
The transport and logistics sector of Latvia is represented at CIFTIS 2021 with VIA LATVIA virtual stand, a centralised information portal that promotes transport and logistics services.
Since Latvia joined the Belt and Road initiative in 2016, the Sino-Latvian trade in transport and logistics services has significantly expanded. Latvia is now connected with China by railway, aviation, and shipping links. Latvian transport and logistics enterprises provide efficient, economical, reliable, and safe services and solutions for cargo and passenger movements across Northern Europe and beyond.
According to the Central Statistical Bureau of Latvia, China is Latvia’s largest trading partner in Asia. Two-way trade in goods and services expanded by 59% from 2016 to 2020. Whilst trade in transport and logistics services has grown by 98% from 2016 to 2020, accounting for 85% of the total Sino-Latvian trade in services in 2020.
Besides strong momentum achieved in the bilateral trade in transport and logistics services, Latvia is actively promoting third-market cooperation via Latvia, by providing alternative transport services and solutions to address the supply chain disruptions caused by the COVID-19 epidemic. Latvian transport and logistics enterprises seek to capture new opportunities, accelerate economic recovery, and foster greater regional and global connectivity via Latvia, said Mr Helmuts Kols, the Counsellor for Transport and Communications at the Embassy of Latvia in China.
The China International Fair for Trade in Services (CIFTIS) is a national level, international and comprehensive fair for trade in services held from 2-7 September 2021 in Beijing. CIFTIS represents a trade in 12 services sectors as defined by the World Trade Organization (WTO), namely, business, communication, construction and related engineering, distribution, educational, environmental, financial, health, tourism and travel-related, recreational, cultural and sports, transport and other services.