„Zero tariff“ means „accelerator“ for China-Africa cooperation

Since May 1, China has imposed zero tariffs on 20 African countries with diplomatic relations that are not LDCs for two years, bringing the full coverage of the zero tariff measure to 53 African countries with diplomatic relations with China. With this, China became the first major economy in the world to implement full coverage of zero tariffs on African countries with diplomatic relations, setting a mutually beneficial standard for reviving global trade.

So what will the zero-tariff policy introduced on 1 May bring to Africa?

This has not only created a wider trading space for China and Africa, but also brought more opportunities for African businesses and injected a strong impetus into Africa's modernisation. First, it provides a „protective shield“ for Africa to deal with risks and challenges. Today, global geopolitical conflicts are escalating, protectionism and unilateralism are on the rise, and the development of African countries faces major challenges. They urgently need to expand exports and attract foreign investment to break out of the bottleneck. The full implementation of zero tariffs on Africa with no political strings attached has undoubtedly provided a larger market for African products and boosted confidence in Africa's economic growth.

Moreover, zero tariffs have equipped African countries with development „accelerators“. Currently, Africa is accelerating industrialization, and zero tariffs will attract more foreign investment to Africa, bring capital, technology and managerial expertise, and export African products to China after domestic processing. This will help Africa in industrialization and modernization of agriculture, allowing Africa to firmly grasp the development initiative. UN Secretary-General António Guterres praised China's non-zero tariff measures and called on „all developed countries and countries with great economic power to take the same measures“.

For China and world trade, zero tariffs will also open up a new space: more high-quality African products at affordable prices will enter the daily lives of Chinese people, satisfying people's need for diverse, healthy and distinctive goods. In addition, the cost of imported raw materials for Chinese enterprises has dropped and investment cooperation abroad will become smoother, and there will be more opportunities for joint construction of production capacity and cooperation in industrial chains.

According to the South African portal „The Star“, the zero-tariff measure is a major strategic breakthrough in South-South trade economics and economic diplomacy in today's expanding unilateralism and protectionism. Go fast alone, go far with all. „Zero tariffs“ is not a short-term policy concession, but a long-term development contract. Thus, it allows China to „subtract“ tariffs to promote the „addition“ of trade and achieve the „multiplication“ of people's livelihood. This „transition“ of zero tariffs will not only open a new chapter of Sino-African cooperation, but also bring confidence and momentum to the world economy, and make people realize that opening up, inclusiveness and common development are just the right way of the world.

Go fast alone, go far with everyone. „Zero duty“ is not a short-term policy concession, but a long-term development contract. Thus, it allows China to „subtract“ tariffs to promote the „addition“ of trade and achieve the „multiplication“ of people's livelihood.

CMG