A visitor (second from left) experiences local crafts at the Embassy of the Republic of Ghana booth during the 2024 China International Services Trade Fair in Beijing on September 12. (WANG JING/CHINA DAILY)
As part of a larger effort aimed at deepening economic ties with Africa, China recently announced that it would make 100 percent of products produced in 33 African countries available duty-free.
Experts say the complete elimination of tariffs is expected to significantly lower the cost barrier for African products entering the Chinese market and strengthen overall price competitiveness, resulting in African exporters It will be able to more effectively exploit the vast opportunities in China’s consumer market, he said.
This expansion of preferential trade policies builds on previous commitments made by China. In 2009, China announced that it would provide 95% tariff-free access to products from Africa’s least developed countries that have formal diplomatic relations with China. In 2010, China began applying zero tariffs to 60% of all goods from these African countries.
“Opening markets and eliminating tariffs on all products from Africa’s least developed countries will further promote Africa’s industrialization and prosperity through enhanced trade,” said Ye Hailin, director of the China-Africa Institute, Academy of China. That’s what we’re aiming for.” Social science.
In particular, the two sides agreed to expand market access for African agricultural products and deepen cooperation in e-commerce.
According to customs data, China’s imports of agricultural products from Africa have continued to increase, with the import value increasing for the seventh consecutive year.
In the first seven months of this year, China imported 25.35 billion yuan ($3.58 billion) worth of agricultural products from Africa, an increase of 7.2 percent from the same period last year. According to the General Administration of Customs, this growth rate exceeded the overall increase in China’s agricultural imports.
Mr Ye said the rapid growth of cross-border e-commerce platforms is opening new outlets for African agricultural products aiming to enter the Chinese market.
However, in contrast to the established e-commerce landscape in Europe and North America, Africa's online retail market is still relatively underdeveloped, Ye added.
As Africa’s urbanization process accelerates, rising domestic consumer demand, improved logistics infrastructure and increased acceptance of e-commerce are converging to drive cross-border trade, Ye said. .
Meanwhile, China has expressed its willingness to work with African partners to sign a framework agreement on comprehensive strategic cooperation partnership. This will provide long-term, stable and predictable institutional guarantees for trade and investment between China and the continent.
According to the Department of Commerce, trade between China and Africa reached a historic high of $282 billion in 2023, an increase of 1.5% from the previous year.
Mei Xinyu, a researcher at the China Institute for International Trade and Economic Cooperation, said that although the total amount of trade between China and Africa continues to increase, the imbalance in the bilateral trade structure remains an obstacle to sustainable growth. said.
May said many African countries still primarily export raw materials and unprocessed goods and are dependent on imports of finished industrial goods from China, a dynamic that could lead to trade deficits for these countries. said.
According to customs data, China’s imports of nuts, vegetables and flowers from Africa showed significant growth in 2023, with respective categories increasing by 130%, 32% and 14% year-on-year.
At the same time, electromechanical products have emerged as China’s largest exports to the African continent, with shipments of new energy vehicles, lithium-ion batteries, and solar products increasing by 291 percent, 109 percent, and 57 percent year-on-year, respectively. Recorded. .
The move to grant zero-tariff treatment to imports from Africa’s least developed countries is expected to foster a more balanced and mutually beneficial trade environment, said Wang Zhimin, a researcher at the China Institute for Open Economy. said. International University of Business and Economics.
The zero-tariff initiative is also seen as an important manifestation of South-South cooperation and China’s willingness to use its economic influence to support the development priorities of the Global South, Wang added.
