In a bold move to support global economic recovery, China has announced a zero-tariff policy for least developed countries (LDCs) starting December 1. This initiative allows LDCs with diplomatic relations to enjoy tariff-free access on all their exported products within the tariff quota.
Amid rising protectionism and anti-globalization sentiments, China’s decision underscores its commitment to multilateralism and free trade. As the world's second-largest economy and a leading trader, China's policies have significant global implications, fostering stability and opening vast market opportunities for businesses worldwide.
The zero-tariff policy not only lowers entry barriers for LDC products into the Chinese market but also aims to increase export revenues, stimulate industrial growth, and create job opportunities in these nations. By doing so, China is reinforcing economic ties and promoting a mutually beneficial relationship, embodying the principles of South-South cooperation.
Since joining the World Trade Organization in 2001, China has consistently reduced tariffs, supporting both domestic consumers and international trade partners. This latest policy continues China’s role as a staunch defender and promoter of free trade, countering the global tide of protectionism and contributing to a more equitable and inclusive global economic landscape.
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China's zero-tariff policy for LDCs is a significant measure of trade
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