Shipping containers and gantry cranes are seen at a port in Lianyungang, in eastern China's Jiangsu province on August 7, 2024. (Photo by AFP) / China OUT
CHINA has become the first developing country and major global economy to offer zero-tariff treatment on all products from the least developed countries (LDCs), strengthening solidarity and cooperation within the Global South while boosting Africa's exports, said the Ministry of Commerce on Thursday.
This initiative is expected to play a key role in boosting LDCs' exports to China and help them seize opportunities in China's vast market, said He Yongqian, spokeswoman for the Ministry of Commerce.
China will implement a zero-tariff policy on 100 percent of products originating from the LDCs with which it has diplomatic ties, effective from Dec 1, said the Customs Tariff Commission of the State Council in an online notice on Thursday.
Under this policy, products subject to tariff quotas will see the in-quota tariff rate reduced to zero, while the out-of-quota tariff rate will remain unchanged.
Speaking at a weekly news briefing, He said this move will actively contribute to expanding exports from LDCs to China and help them seize new opportunities in the Chinese market. It will also promote solidarity and cooperation among the Global South and advance inclusive and equitable economic globalization.
For instance, China to date has signed framework agreements on economic partnership for common development with 22 African countries, including Ethiopia, Burundi, Gabon and Zimbabwe.
"Both China and African nations regard these framework agreements as groundbreaking cooperation initiatives that will facilitate the establishment of more flexible and pragmatic arrangements for trade and investment liberalization as well as facilitation between the two sides," she added.
The commerce official said that these framework deals will provide long-term, stable and predictable institutional support for China-Africa economic and trade cooperation, create significant opportunities for African products to enter the Chinese market, and strongly back African industrialization and agricultural modernization.
While supporting LDCs in enhancing their growth and promoting multilateralism, the Ministry of Commerce said that Commerce Minister Wang Wentao will soon visit Europe.
During his upcoming visit, Wang will meet with Valdis Dombrovskis, executive vice-president of the European Commission and European commissioner for trade, on Thursday to discuss the European Union's anti-subsidy investigation into Chinese electric vehicles.
The EC announced plans to impose import tariffs of up to 36.3 percent on EVs produced in China in August, while it proposed to charge Tesla an additional tariff of only 9 percent on its vehicles imported from China.
These measures, if implemented, would remain in effect for five years, though a final decision has yet to be made.
Li Ke'aobo, executive deputy director of Tsinghua University's Academic Center for Chinese Economic Practice and Thinking, said that unlike previous instances where Chinese products were seen as "market disruptors" at low prices, China's EVs demonstrate the country's strong research and development capabilities and well-developed supply chains.
China views this trade dispute solely as an economic and trade matter and is willing to address it through appropriate economic and trade measures, with the goal of keeping the frictions contained within a manageable scope, said Bai Ming, a member of the academic degree committee at the Chinese Academy of International Trade and Economic Cooperation in Beijing.
In another event, the Ministry of Commerce released a 2024 edition of the report on the United States' compliance with the World Trade Organization rules on Thursday.
The ministry hopes that the release of this report will further encourage the US to promptly correct its wrongful actions, honor its commitments and adhere to international rules.
It also urges the US to better fulfill its role as a major member of the WTO, working together with other members, including China, to uphold the authority and effectiveness of the multilateral trading system. - China Daily/ANN
