In a groundbreaking move, China has announced the implementation of zero tariffs for Least Developed Countries (LDCs) that maintain established diplomatic relations. This initiative, effective from December 1, encompasses 33 African nations, marking a significant shift in global trade dynamics.
China's Foreign Ministry Spokesperson, Lin Jian, highlighted that this makes China the first major developing country and the first leading economy to adopt such a policy. \"This decision underscores our commitment to further open our market and enhance economic cooperation with LDCs,\" Lin Jian stated.
Christopher Mutsvangwa, a Politburo member and secretary for information and publicity of Zimbabwe's ruling Zimbabwe African National Union-Patriotic Front (ZANU PF) party, lauded the initiative. He emphasized that the zero-tariff policy is poised to significantly bolster China-Africa trade, fostering stronger economic ties and mutual growth.
By eliminating tariffs, China aims to make its vast market more accessible to LDCs, promoting increased exports from these nations and supporting their economic development. This strategic move not only enhances trade relations but also positions China as a key partner in the economic advancement of some of the world's most vulnerable countries.
Reference(s):
cgtn.com
