China Removes All Tariffs on South African Exports
"Through the signing of the agreement on a common economic partnership, Beijing will ensure that South Africa enjoys zero-tariff treatment on 100% of its tariff lines exported to China in a manner consistent with WTO rules, providing long-term, stable and predictable institutional safeguards to comprehensively enhance the level of China-South Africa economic and trade cooperation," Chinese Commerce Minister Wang Wentao said according to a statement.
Wang additionally signaled Beijing's commitment to "actively respond to South Africa's 'new investment initiative,' expand investment cooperation in the automotive, mining, agriculture and new energy sectors, and jointly build stable and resilient industrial and supply chain partnerships."
The pact materializes as Washington has levied 30% tariffs against South African imports, making South Africa the 33rd African nation to execute such a framework deal with China.
South African Minister of Trade, Industry and Competition Parks Tau expressed willingness to strengthen cooperation with China within multilateral frameworks such as the World Trade Organization, jointly upholding multilateralism and promoting global trade development, according to the Chinese Commerce Ministry statement.
The accord will enhance commerce with China "while increasing exports and rebuilding our industrial capacity," he wrote on US social media company X.
Tau is conducting an official visit to China until Saturday.
The UK recently became the first country to sign a Memorandum of Understanding (MoU) under China's "Big Market for All: Export to China" initiative, which aims to expand imports into the East Asian nation, according to the British Chambers of Commerce.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
