Latest news with #DevelopmentReimagined
Ya Biladi
13-06-2025
- Business
- Ya Biladi
China to eliminate tariffs on African exports, Morocco among beneficiaries
China has announced plans to eliminate all tariffs on goods from 53 African countries it maintains diplomatic ties with, including Morocco. The move, announced following a meeting between senior Chinese and African officials in Changsha, is part of a broader economic pact aimed at boosting African exports to the Chinese market. The initiative will extend duty-free access beyond least developed countries (LDCs) to include middle-income nations. «It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free» Hannah Ryder, head of the Africa-focused consultancy Development Reimagined, told Reuters on Thursday. The move is expected to boost access for value-added African products to the vast Chinese market. Morocco, with its growing industrial base, particularly in automotive and agri-food sectors, stands to benefit. It is worth noting that Moroccan exports to China reached $1.3 billion in 2024, a figure expected to rise under the new plan. En 2024, les exportations marocaines vers la #Chine se sont élevées à 1,3 milliard de dollars. Avec la nouvelle mesure de zéro #tarif, ce chiffre va continuer d'augmenter. — Ambassade de Chine au Maroc (@ChineAmbMaroc) June 13, 2025 The Chinese foreign ministry also pledged additional support for LDCs to ensure they are not disadvantaged by the new arrangement. The measure could help rebalance trade, which remains skewed in China's favor. Last year, China recorded a $62 billion trade surplus with Africa.
Zawya
13-06-2025
- Business
- Zawya
China says it will remove all tariffs on African exports to boost trade
NAIROBI - China will negotiate and sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with, it said, a move that could benefit middle-income nations. The Asian economic giant offers duty- and quota-free market access to least developed countries (LDCs), including many in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. "China is ready to... welcome quality products from Africa to the Chinese market", China's foreign ministry said after a meeting of senior Chinese officials with African foreign ministers in Changsha to review implementation of commitments made during a summit in Beijing last September. In recognition of the significant disadvantages that businesses from LDCs like Tanzania or Mali could face from their more developed counterparts like South Africa once the market is fully opened, China pledged additional measures to support LDCs, including training and marketing promotion. Beijing's move could help relatively advanced countries, with significant manufacturing bases for value added products, to take advantage of the vast Chinese market, analysts said. "It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free," said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. Trade between China and Africa has been growing in recent years, but it has been heavily skewed in favour of China, which had a surplus of $62 billion last year. "Unless we have an equivalent increase of African exports to China, then trade deficits will continue to increase," Ryder said, adding that the initiative announced by Beijing could help to balance trade. During last year's summit in Beijing, China pledged 360 billion yuan ($50 billion) to African economies over three years in credit lines and investments, marking its return to big-ticket funding deals for the continent after a pandemic-related hiatus. ($1 = 7.1747 Chinese yuan renminbi)
Business Recorder
13-06-2025
- Business
- Business Recorder
China says it will remove all tariffs on African exports to boost trade
NAIROBI: China will negotiate and sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with, it said, a move that could benefit middle-income nations. The Asian economic giant offers duty- and quota-free market access to least developed countries (LDCs), including many in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. 'China is ready to... welcome quality products from Africa to the Chinese market', China's foreign ministry said after a meeting of senior Chinese officials with African foreign ministers in Changsha to review implementation of commitments made during a summit in Beijing last September. In recognition of the significant disadvantages that businesses from LDCs like Tanzania or Mali could face from their more developed counterparts like South Africa once the market is fully opened, China pledged additional measures to support LDCs, including training and marketing promotion. Beijing's move could help relatively advanced countries, with significant manufacturing bases for value added products, to take advantage of the vast Chinese market, analysts said. 'It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free,' said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy.
Reuters
12-06-2025
- Business
- Reuters
China says it will remove all tariffs on African exports to boost trade
NAIROBI, June 12 (Reuters) - China will negotiate and sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with, it said, a move that could benefit middle-income nations. The Asian economic giant offers duty- and quota-free market access to least developed countries (LDCs), including many in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. "China is ready to... welcome quality products from Africa to the Chinese market", China's foreign ministry said after a meeting of senior Chinese officials with African foreign ministers in Changsha to review implementation of commitments made during a summit in Beijing last September. In recognition of the significant disadvantages that businesses from LDCs like Tanzania or Mali could face from their more developed counterparts like South Africa once the market is fully opened, China pledged additional measures to support LDCs, including training and marketing promotion. Beijing's move could help relatively advanced countries, with significant manufacturing bases for value added products, to take advantage of the vast Chinese market, analysts said. "It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free," said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. Trade between China and Africa has been growing in recent years, but it has been heavily skewed in favour of China, which had a surplus of $62 billion last year. "Unless we have an equivalent increase of African exports to China, then trade deficits will continue to increase," Ryder said, adding that the initiative announced by Beijing could help to balance trade. During last year's summit in Beijing, China pledged 360 billion yuan ($50 billion) to African economies over three years in credit lines and investments, marking its return to big-ticket funding deals for the continent after a pandemic-related hiatus. ($1 = 7.1747 Chinese yuan renminbi)
Malay Mail
26-05-2025
- Business
- Malay Mail
Trump-era cuts loom as African Development Bank elects new chief in Abidjan
AfDB kicks off annual meeting in Abidjan Election of new bank president to take place on Thursday New head to confront US funding cuts, other challenges NAIROBI, May 26 — The African Development Bank will meet in Ivory Coast this week to pick a new president at a time when the continent's biggest multilateral lender faces unprecedented challenges from funding cuts by the United States government, analysts said. The US federal government wants to cut US$555 million in funding to the AfDB and its African Development Fund (ADF), which offers low-priced financing to the continent's poor nations. 'This is going to be a major task and it is effectively the new president's first test,' said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. The annual gathering of heads of state and finance officials, taking place this year in the Ivorian city of Abidjan, is one of the biggest finance meetings on the continent. Africa's largest development finance institution is owned by 54 African states and G7 nations like the US and Japan. Its biggest shareholder is Nigeria. The next round of replenishment for the ADF window, which is held on a three-year cycle, is scheduled to take place in November this year. The new president will have to try to persuade the US to reinstate the funding, seek additional funds from non-regional members of the bank like China, or Gulf countries like Saudi Arabia or the United Arab Emirates, in return for more say, or ask African states to contribute more, Ryder said. Five candidates from South Africa, Senegal, Zambia, Chad and Mauritania, are vying to replace outgoing President Akinwumi Adesina, who will step down in September after serving the maximum two five-year terms. The winner, who must secure 50.01 per cent of the votes from the 54 African member states of the bank, and in a second vote from all 81 members, including non-African ones, will be announced on Thursday. The bank is grappling with the challenges of a changing global economy after US President Donald Trump returned to the White House, including higher US import tariffs. 'We expect the meeting to discuss implications of current global events arising from the Trump administration,' said Fred Muhumuza, a lecturer at Makerere University's business school in Kampala. 'Many of the key contributors have been cutting bilateral support to African countries.' — Reuters
