December 1 marked a significant milestone as China officially granted zero tariffs to Least Developed Countries (LDCs) with which it has established diplomatic relations, including 33 African nations.
China’s Foreign Ministry Spokesperson Lin Jian announced that this move makes China the first major developing country and economy to take such a progressive step. The policy showcases China’s commitment to opening its market further and strengthening global trade relationships.
Christopher Mutsvangwa, a Politburo member of Zimbabwe’s ruling ZANU PF party and its secretary for information and publicity, praised the initiative. He stated that it demonstrates China’s willingness to promote China-Africa trade, which could lead to substantial economic benefits for the continent.
Lefu Mokaoane, former president of the Lesotho Institute of Accountants, highlighted the potential impact on countries like Lesotho. “China’s zero-tariff policies will increase export opportunities, attract foreign investment, create jobs, and boost GDP growth,” he said.
This zero-tariff policy is expected to enhance export opportunities for LDCs, attract investment, and contribute to their economic development.
Reference(s):
cgtn.com
