China has announced plans to extend zero-tariff treatment to 100 percent of tariff lines for products originating from all least developed countries (LDCs) that maintain diplomatic relations with China. This policy will take effect from December 1, 2024, aiming to boost common development and deepen economic ties.
The decision was revealed in a statement released by the Customs Tariff Commission of the State Council on Thursday. By granting full zero-tariff access, China seeks to support the economic growth of LDCs by enhancing their export competitiveness and fostering closer trade relationships.
This initiative underscores China’s commitment to promoting global economic inclusiveness and supporting the integration of developing nations into international trade. It is expected to open new opportunities for entrepreneurs, investors, and businesses in LDCs, facilitating access to the vast Chinese market.
The move aligns with China’s ongoing efforts to contribute to global poverty reduction and sustainable development. By reducing trade barriers, China and the LDCs can work together towards shared prosperity and strengthened economic partnerships.
As the December 2024 implementation date approaches, businesses and investors from LDCs are encouraged to prepare for this significant policy change that promises to enhance trade flows and stimulate economic growth.
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China to extend zero-tariff treatment to 100% of tariff lines from LDCs
cgtn.com
