Goods from 6 African countries to enter Chinese market without customs duties
Date
12/7/2023 2:44:09 AM
(MENAFN) In a move aimed at bolstering its economic ties with the African continent, the Chinese Ministry of Finance has declared that approximately 98 percent of goods imported from six African countries will now enter the Chinese market without incurring customs duties. The announcement underscores China's ongoing efforts to strengthen its economic influence in Africa. Effective December 25, Angola, Gambia, Democratic Republic of the Congo, Madagascar, Mali, and Mauritania will enjoy the privilege of exporting more than 8,000 different commodities to China free from customs duties.
This strategic initiative aligns with China's broader agenda of fostering economic cooperation with African nations and fostering deeper trade relations. The decision takes place against the backdrop of China grappling with economic challenges, including sluggish growth and pressures arising from the real estate sector. Despite these challenges, China appears committed to expanding its economic footprint in Africa, recognizing the region's significance in global trade dynamics.
It's noteworthy that China's tariff exemption announcement coincides with the economic uncertainties it faces domestically, making it a pivotal moment in its outreach to African nations. Concurrently, Moody's, the credit rating agency, has adjusted its credit rating forecast for the Chinese government from stable to negative. This adjustment reflects expectations of a slowdown in economic growth in the medium term and the challenges posed by the contraction of the real estate sector. The developments underscore the intricate interplay of economic strategies, geopolitical considerations, and global economic dynamics in China's evolving engagement with African nations.
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