- China has offered to augment its imports from Africa to $ 300 billion in the next three years as reported by Chinese news Agency.
- To scale up African exports to China, it proposes to build a green channel for African agricultural exports and expand zero-tariff treatment for products imported from Africa.
China has offered to augment its imports from Africa to $ 300 billion in the next three years as reported by Chinese news Agency. The objective it says is to narrow the large trade gap with China. To scale up African exports to China, it proposes to build a green channel for African agricultural exports and expand zero-tariff treatment for products imported from Africa.
A China-Africa industrial park is also in the pipeline. Welcoming Chinese efforts to promote trade and investment with Africa, Wamkele Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA) said that increasing African exports to China would support Africa’s industrialization. The potential products, areas and services and the industrial park are being examined by the African side. China is Africa’s biggest trading partner, with over $170 billion annual trade volume.The recent signing of a multi-billion-dollar partnership between China and Africa in nine industrial sectors, including trade, digital innovation, medical, poverty reduction, culture and peace and security is expected to raise China-Africa cooperation to the next level.
Chinese plans to increase imports as well as investment in Africa have been welcomed by some, but critics worry about Africa’s yawning debt with Beijing. It is also alleged that though Beijing is investing heavily in Africa, Africans are rarely involved in the implementation, creating a knowledge gap. Experts say that for Africa to derive full benefit from its partnership with China, favourable trade policies will have to be drafted between China and African countries.
