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Tuesday, December 5, 2023

China Offers Zero Tariff Treatment to Ethiopia, Burundi, and Niger in Major Trade Boost

BusinessMacroChina Offers Zero Tariff Treatment to Ethiopia, Burundi, and Niger in Major Trade Boost

China is set to offer a game-changing trade boost to Ethiopia, Burundi, and Niger. Come March 1, a whopping 98 percent of tariff lines on goods from these countries will be given the coveted zero tariff treatment, the Ministry of Finance announced on Friday.

The Customs Tariff Commission of the State Council had earlier pledged to extend such generous treatment to underdeveloped nations. It sealed the deal with these three countries last year via an exchange of letters with their governments. The move is expected to bring about a significant shift in the trade landscape between China and these nations.

This is a welcome development for the three countries, which are all considered to be among the poorest in the world. They will now have the opportunity to export their goods to China without incurring tariffs. This will make their products more competitive in the Chinese market and is expected to boost their economies.

China has been seeking to expand its influence in Africa in recent years. In 2018, Chinese President Xi Jinping pledged $60 billion in financial assistance to African countries. The move was widely seen as an attempt to counterbalance the influence of the US and other Western powers in the region.

China’s move to grant zero tariff treatment to Ethiopia, Burundi, and Niger is part of its larger strategy to deepen its economic ties with African nations. It is also a sign of China’s commitment to supporting underdeveloped countries.

In recent years, China has been criticized for engaging in exploitative practices in Africa, such as taking over infrastructure projects and exploiting the continent’s natural resources. However, this move suggests that China is seeking to change its approach and build more mutually beneficial relationships with African nations.

Overall, this is a positive development for Ethiopia, Burundi, and Niger, and is likely to have a significant impact on their economies. It also suggests that China is taking steps to become a more responsible and supportive partner to underdeveloped nations.Regenerate response

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