China has announced that, starting December 1, 2024, it will grant zero-tariff access to its market for products from 33 African countries. This significant policy move is set to lower costs for African exports, enhance their competitiveness, and strengthen economic ties between Africa and China.
“This zero-tariff treatment is a game-changer for African economies,” said Lamin Dampha, the Permanent Secretary at The Gambia’s Ministry of Trade, Industry, Regional Integration and Employment. “It is expected to attract more international investors to African nations, including The Gambia, by providing greater market access to one of the world’s largest economies.”
China’s favorable market access policies for African countries are not new. Since 2003, China has been implementing measures to facilitate trade with Africa. The recent extension of zero-tariff treatment builds upon these long-standing efforts to promote economic cooperation.
According to Chen Huiyi, Research and Coordination Analyst with Development Reimagined, the move helps elevate African products further up the global value chain. “By lowering tariffs, African products become more competitive in the Chinese market, which encourages diversification of exports and value addition within African economies,” she explained.
The policy is anticipated to not only boost trade volumes but also foster deeper economic integration between Africa and China. It opens doors for African businesses to explore new opportunities and expand their reach into the Chinese market.
As both regions continue to strengthen their economic partnership, this zero-tariff access could serve as a catalyst for sustainable growth and development across the African continent.
Reference(s):
33 African countries benefit from zero-tariff access to Chinese market
cgtn.com
