Starting December 1, 2024, China is granting zero-tariff access to its market for products from 33 African countries. This groundbreaking move is set to lower costs for African exports, boost their global competitiveness, and strengthen economic ties between Africa and China.
Boosting African Economies
The zero-tariff policy isn’t entirely new; China has been implementing favorable market access policies for African nations since 2003. However, this latest expansion marks a significant step forward. According to Lamin Dampha, the Permanent Secretary at The Gambia’s Ministry of Trade, Industry, Regional Integration and Employment, this policy is expected to attract more international investors to African countries like The Gambia. “It’s an opportunity for us to increase our export volumes and diversify our economies,” he noted.
Climbing the Global Value Chain
Chen Huiyi, Research and Coordination Analyst with Development Reimagined, highlighted how this policy could help elevate African products further up the global value chain. “By reducing tariffs, African products become more competitive globally, encouraging innovation and higher value-added production,” she explained.
Strengthening Africa-China Relations
This move not only benefits African economies but also solidifies the growing partnership between Africa and China. The zero-tariff access is expected to foster deeper economic collaboration, opening doors for new opportunities and growth in various sectors across the continent.
As the implementation date approaches, businesses and governments alike are gearing up to maximize the benefits of this policy, which promises a new era of prosperity and development for Africa.
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33 African countries benefit from zero-tariff access to Chinese market
cgtn.com
