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IOL News
7 hours ago
- Business
- IOL News
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
See - Sada Elbalad
2 days ago
- Politics
- See - Sada Elbalad
China, Africa push implementation of FOCAC Beijing Summit outcomes
SEENEWS (Xinhua) Representatives of China, 53 African countries and the African Union Commission gathered in Changsha on Wednesday to advance the full implementation of the outcomes achieved at the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). At the opening ceremony of the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the FOCAC, Chinese Foreign Minister Wang Yi and his counterpart of the Republic of the Congo Jean-Claude Gakosso read out the congratulatory letters from their heads of state. The Republic of the Congo is the African co-chair of the FOCAC. Chinese President Xi Jinping expounded in the letter the significance of China-Africa solidarity and cooperation and announced important measures for further opening up and cooperation with Africa, which Wang said provide important guidance for both sides as they seek to jointly promote modernization and build an all-weather China-Africa community with a shared future for the new era. The FOCAC has grown rapidly in the 25 years since its establishment, leading China-Africa relations to achieve leapfrog development and enter the best period in history. Both sides have made solid progress in the implementation of the 10 partnership actions for modernization announced at the FOCAC Beijing Summit held last September, according to Wang. China and Africa, as the largest developing country and the continent with the highest concentration of developing countries, are emerging as pivotal forces of the Global South, Wang said. "Faced with an international situation marked by changes and turmoil, China and Africa should uphold solidarity and self-reliance more than ever," he said, calling on both sides to respond to uncertainties in the world with a stable and resilient China-Africa relationship. Both sides should preserve solidarity of the Global South, champion international free trade, support global development cooperation, defend a just international order and promote civilizational diversity, he said. Wang said the 21st century is as much Asia's century as it is Africa's, adding that as long as the more than 2.8 billion people of China and Africa work together, they will surely achieve brilliant progress in the path to modernization. On behalf of the African countries, Gakosso said African countries thank China for supporting their development, welcome the 10 partnership actions for modernization, and support the China-Africa Cooperation Vision 2035. He added that the African countries are willing to implement the outcomes of the Beijing Summit to help the African people realize their aspiration for a better life. The African side opposes the act of abusing tariffs and unilateral sanctions and will stand with China to jointly deal with challenges, Gakosso said. The meeting issued China-Africa Changsha Declaration On Upholding Solidarity and Cooperation of the Global South. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
