Beijing Set to Embark on New Era of Trade Cooperation with Africa

China is on the cusp of signing a groundbreaking economic pact with 53 African nations it has diplomatic ties with, aimed at eliminating all tariffs and expanding market access to middle-income countries, a significant deviation from its current policy. The foreign ministry announced plans for the agreement after a meeting in Changsha.

This move represents a major step towards leveling the playing field, as Beijing already offers duty- and quota-free access to many African least developed countries (LDCs), which will now be opened up to more developed peers. To support LDCs like Tanzania and Mali, China has pledged additional assistance in areas such as training and marketing.

Despite growing trade ties between the two continents, Africa remains heavily reliant on Chinese imports, with a staggering $62 billion surplus last year. However, Beijing has previously committed to increase its investment and credit aid to Africa, announcing 360 billion yuan ($50 billion) worth of credits and investments over three years at a high-level summit in 2023.

With this latest initiative, China aims to welcome "quality products from Africa into the Chinese market," according to a statement by the foreign ministry. The planned agreement is set to strengthen Beijing's economic ties with its African partners, marking a new chapter in cooperation that could have far-reaching implications for both parties involved.