China to eliminate tariffs to LDCs

ANGELO JEDIDIAH | Reporter
angelo.jedidiah@guardian.co.tt

As the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) kicks off, China has promised improved trade relations with all least developed countries by eliminating tariffs on their products.

Chinese president Xi Jinping made the announcement on Thursday at the FOCAC opening ceremony where 52 African nations gathered in Beijing.

“We have decided to give all LDCs (least developed countries) having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines,” the Chinese president said.

With China being the first major developed country and economy to take this step, Xi noted that these initiatives are aimed at addressing the historical injustices of the Western approach of modernisation, which he says has ‘inflicted immense sufferings on developing countries.’ Xi stressed that equal rights and opportunities for all countries must be ensured,

In his speech, he pledged $51 billion to Africa over three years, to be used for infrastructure, military aid and the creation of one million jobs.

Given that China and Africa account for one-third of the world population, Xi noted that their alliance and partnership over the past two decades should serve as a model of cooperation, offering new hope for least developed countries seeking to undertake modernisation.

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