South Africa named guest country of honour at Expo
JOHANNESBURG - South Africa has been named the official Guest Country of Honour at the 4th China–Africa Economic & Trade Expo, taking place from 12-15 June in Changsha, China.
This major event, held under the Forum on China-Africa Cooperation, brings together leaders from government, trade, media, and industry to strengthen development and trade ties between China and Africa.
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IOL News
5 hours ago
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China to remove import tariffs on goods from South Africa and 52 Other African nations
South Africa's largest trading partner China has pledged to eliminate import tariffs on goods from all 53 African nations Image: Presidency South Africa's largest trading partner China has pledged to eliminate import tariffs on goods from all 53 African nations with which it has formal diplomatic ties. The announcement was made during the Ministerial Meeting of Coordinators for the Forum on China-Africa Cooperation (FOCAC), held in Changsha earlier this week. According to the official Changsha Declaration, China intends to expand zero-tariff treatment to cover 100 % of tariff lines for African countries. "China is ready to negotiate and sign the agreement and signing the agreement of China-Africa Economic Partnership for Shared Development, expand the zero-tariff treatment for 100 percent tariff lines to all 53 African countries having diplomatic relations with China, or all African countries except Eswatini, to welcome quality products from Africa to the Chinese market. "For the least developed countries in Africa, on top of the zero-tariff treatment for 100 percent tariff lines announced at the 2024 Beijing Summit of FOCAC, China will roll out measures on market access, inspection and quarantine, and customs clearance to boost trade in goods, enhance skills and technical training, and expand the promotion of quality products. The declaration also noted that the "the frequent occurrence of unilateralism, protectionism, and economic bullying has severely hindered economic and social development and improved livelihoods in African countries". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Last month, US President Donald Trump announced a 10% tariff on all imports to the US, along with additional reciprocal tariffs for several countries, including a 30% tariff on South African goods. However, he later paused these higher tariffs for 90 days for most countries, except China, which faced a 145% tariff. IOL also previously reported that The future of South Africa's trade benefits under the African Growth and Opportunity Act (AGOA) remains uncertain, as the relationship between South Africa and the US continues to worsen. Wandile sihlobo chief economist of the Agricultural Business Chamber of South Africa (Agbiz), said the move by the Chinese government to lower tariffs would benefit the agricultural sector in the country. "We are yet to receive more details on China's intentions to lower import tariffs for various African countries. What is worth emphasising for now is that, from a South African agricultural perspective, this would be a welcome development," he said. "China has a profound importance in global agriculture. In 2023, China was a leading importer, accounting for 11% of global agricultural imports, with imports valued at US$218 billion,". IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
eNCA
a day ago
- eNCA
South Africa named guest country of honour at Expo
JOHANNESBURG - South Africa has been named the official Guest Country of Honour at the 4th China–Africa Economic & Trade Expo, taking place from 12-15 June in Changsha, China. This major event, held under the Forum on China-Africa Cooperation, brings together leaders from government, trade, media, and industry to strengthen development and trade ties between China and Africa.
IOL News
2 days ago
- IOL News
Xi Jinping, Sassou send congratulatory letters to FOCAC ministerial meeting of coordinators
A floral decoration at the Forum on China-Africa Cooperation in Beijing, China. Image: VCG Chinese President Xi Jinping and President of the Republic of the Congo Denis Sassou Nguesso sent congratulatory letters separately to the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the Forum on China-Africa Cooperation (FOCAC) held in Changsha, capital of central China's Hunan Province, on Wednesday. Noting that the current international situation is marked by changes and turmoil, Xi said China is committed to providing new opportunities for the world with the new achievements of Chinese modernization and offering new impetus to the Global South partners, including Africa, with its huge market. China is ready to negotiate and sign the agreement of the China-Africa Economic Partnership for Shared Development to implement the zero-tariff treatment for 100 percent of tariff lines for 53 African countries having diplomatic relations with China, Xi said, adding that China will provide more convenience for the least developed countries in Africa to export to China. He said China is ready to work with Africa to deepen the implementation of the 10 partnership actions for modernization, strengthen cooperation in such key areas as green industry, e-commerce and e-payment, science and technology, and artificial intelligence, and enhance cooperation in security, finance and the rule of law to promote high-quality development of China-Africa cooperation. Xi pointed out that openness and cooperation are the right path, and mutual benefit and win-win outcomes meet the aspiration of the people. He said China and Africa working together to advance modernization will strongly promote solidarity and cooperation in the Global South and open up a brighter prospect for the cause of world peace and development. It is hoped that China and Africa will continue to steadily advance the implementation of the Beijing Summit's outcomes, carefully plan the future development of the FOCAC, join hands to build an all-weather China-Africa community with a shared future for the new era and contribute to building a community with a shared future for humanity, said Xi. Sassou Nguesso said in his letter that strategic and practical cooperation between Africa and China has achieved fruitful results since the Beijing Summit. Noting that the ministerial meeting coincides with the 25th anniversary of the FOCAC's establishment, Sassou Nguesso said he will spare no effort and work with President Xi to promote greater progress in building a community with a shared future between Africa and China and enhance the well-being of the people on both sides. As the African co-chair of the FOCAC, the Republic of the Congo is willing to work with China and other countries in the Global South to strengthen cooperation on the Belt and Road Initiative, jointly build a multipolar world free from unilateralism and protectionism, and usher in a new era of inclusive and mutually beneficial globalization, Sassou Nguesso added.
