China remains Africa's biggest trading partner for 15th consecutive year
Date
8/29/2024 9:42:51 AM
(MENAFN) China has maintained its position as Africa's largest trading partner for the 15th consecutive year, according to a report released on Thursday. The report, which was developed collaboratively by the Office of the Leading Group for Promoting the Belt and Road Initiative, the National Development and Reform Commission (NDRC), and other authorities, highlights the increasing proportion of China-Africa trade in Africa's total foreign trade. It emphasizes the ongoing growth and potential for practical cooperation between China and African nations.
As of the end of June this year, China had extended zero tariffs to 98 percent of tariff items from 27 of Africa's least-developed countries. Additionally, bilateral investment promotion and protection agreements have been signed with 34 African nations, while double taxation avoidance agreements have been established with 21 countries on the continent. Xu Jianping, an official with the NDRC, revealed these developments during a press conference.
In the previous year, China-Africa trade surged to a record 282.1 billion U.S. dollars, marking a new high for the second consecutive year. By the end of 2023, China's direct investment stock in Africa had surpassed 40 billion dollars. Xu Jianping noted that trade and investment between China and Africa are anticipated to continue growing steadily this year, underscoring the robust vitality and resilience of their economic and trade relations.
The report indicates a promising outlook for the future of China-Africa cooperation, driven by ongoing efforts under the Belt and Road Initiative. This partnership is set to further enhance economic ties and foster continued growth in trade and investment between the two regions.
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