Dozens of African countries have been granted duty free access to the Chinese market - after Beijing dropped tariffs on a range of products.
Angola, Benin and Burkina Faso are among the 33 nations to benefit. Our correspondent Zhou Jiaxin reports from Shanghai.
#tariffs #china #africa #trade
Angola, Benin and Burkina Faso are among the 33 nations to benefit. Our correspondent Zhou Jiaxin reports from Shanghai.
#tariffs #china #africa #trade
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NewsTranscript
00:00This is a stepping up game and demonstrating China's commitment to a wider opening up of its vast market.
00:07Back in 2022, China offered zero tax on 98% of taxable items from 16 least developed countries.
00:15One year later, in December 2023, another six least developed African countries joined that lease.
00:20Starting this month, China granted all least developed countries having diplomatic ties with it,
00:26including 33 African countries, a zero tax deal.
00:29And the announcement was made during this year's summit, a forum on China-Africa cooperation,
00:34where Chinese President Xi Jinping said the move makes China the first major developing country
00:40and the first major economy to take such a step,
00:43helping turn China's big market into Africa's big opportunity.
00:47And on top of tariff exemptions, according to the China-Africa Institute,
00:52China is exploring comprehensive measures to assist Africa in promoting trade,
00:57not least by facilitating trade agreements, supporting cross-border e-commerce and assisting exhibition in China.
01:04For instance, it provided over 120 free booths to exhibitors from 37 least developed countries
01:11at the China International Import Expo last month here in Shanghai, showcasing agricultural products from Africa.
01:18Look, China has remained Africa's largest trading partner for 15 consecutive years,
01:24but experts argue that bilateral cooperation hasn't always been smooth sailing.
01:29One of the problems is trade imbalance, which has been raised by some African leaders
01:34and also some African businessmen here in China whom I talked to.
01:38Despite new highs, diversified commodities and services in China-Africa trade,
01:44deficits for the African continent have accompanied the deepened ties.
01:48And this imbalance arises from the difference between China and Africa in resource endowments,
01:54a stage of development and industrial infrastructure.
01:58And this has been discussed at previous cooperation summits too.
02:02So in addition to the all-around tariff exemptions,
02:05China vows to strengthen investment in key areas of Africa's manufacturing sector
02:10in order to help African countries build capacity for self-generated development.
02:15And it says it will actively support the construction of the African continental free trade area.
02:21And such continuous process of mutual adaptation and problem solving
02:26has made China-Africa relations more robust and mature.
02:30Now, the tariff policy is not just for African countries, but for most less developed nations.
02:35And they realize that the conventional foreign aid and low-level technology transfer
02:39are no longer sufficient to support those rapid developments.
02:42So the China-Africa cooperation model shows the possibility of deeper and broader South cooperation
02:49in a fair and sustainable manner.
02:51And that partnership is more about a resource sharing and technology transfer
02:56with the goal of achieving greater breakthroughs, innovation and coordinated development.