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 (MOFCOM). 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 MOFCOM Spokesperson He Yongqian. China will implement zero-tariffs on all products originating from the LDCs with which it has diplomatic ties, effective from December 1, said the Customs Tariff Commission of the State Council in an online notice. 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.
The Ministry of Commerce also announced that Minister Wang Wentao will soon visit Europe and is expected to meet Valdis Dombrovskis, Executive Vice President of the European Commission and European Commissioner for Trade to discuss the European Union’s anti-subsidy investigation into Chinese electric vehicles. The EC in August announced plans to impose import tariffs of up to 36.3% on EVs produced in China, while it proposed to charge Tesla an additional tariff of only 9% 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, the China Daily reports.
