Latest news with #LDCs
The Star
2 days ago
- Business
- The Star
China expands zero-tariff policy for least developed countries
GENEVA, June 18 (Xinhua) -- China has notified the World Trade Organization (WTO) of its expanded zero-tariff policy for least developed countries (LDCs) that maintain diplomatic relations with Beijing, raising product coverage from 98 percent to 100 percent. The new policy, which took effect on Dec. 1, 2024, is part of China's broader efforts to further open up to LDCs and African nations, the Chinese delegation said at a WTO meeting in Geneva on Wednesday. The delegation also briefed WTO members on a recent China-Africa declaration, in which China expressed readiness to extend the zero-tariff treatment to cover 100 percent of tariff lines for all 53 African countries that have diplomatic ties with China. In addition to the zero-tariff initiative, China pledged further steps to promote trade in goods, and to strengthen skills and technical training programs for African LDCs. According to the delegation, these measures aim to create new development opportunities and growth momentum for African countries and LDCs, while also contributing to the stability and positive momentum of global trade. Amid ongoing turbulence in international trade, China called on all WTO members to jointly uphold a free and open international economic and trade order, and to promote inclusive and universally beneficial globalization. China's measures were broadly welcomed by WTO members. Representatives from LDCs, African countries and other economies expressed appreciation, highlighting the unprecedented challenges and uncertainties faced by developing nations. They urged more members to follow China's example by offering targeted preferential policies, capacity-building assistance, and other support to LDCs to advance inclusive and sustainable global trade development.
Yahoo
13-06-2025
- Business
- Yahoo
China to remove tariffs on African imports to boost trade
China says it will sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with – a move that could benefit middle-income nations as they prepare for tariff hikes on products entering the United States. The move, announced at a China-Africa co-operation meeting (FOCAC) in Changsha, central China, comes as the continent faces the possibility of increased tariffs on its products entering the US. The Asian economic giant already offers duty- and quota-free market access to least developed countries (LDCs), including 53 countries in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. Eswatini (formerly Swaziland) is the only African country excluded from the zero-tariff deal. It maintains diplomatic ties with Taiwan, whereas China regards it as a breakaway province. The timing of Beijing's decision is significant. In April, President Donald Trump announced high tariffs on its imports from many countries, including a 50 percent rate for Lesotho, 30 percent for South Africa and 14 percent for Nigeria. Read more on RFI EnglishRead also:China courts African allies as tensions with Europe, US deepenFrance pushing for 'China-EU leadership' on climate to counter US withdrawalKenyan president visits China as country pivots away from the US
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.
TimesLIVE
13-06-2025
- Business
- TimesLIVE
China says it will remove all tariffs on African exports to boost trade
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.
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)
