International
China to Drop Tariffs for 53 African Nations
CHINA – China announced that it is scrapping tariffs for all 53 African nations with which it has diplomatic ties, including middle-income countries like Kenya, South Africa, and Nigeria.
CHINA – China announced that it is scrapping tariffs for all 53 African nations with which it has diplomatic ties, including middle-income countries like Kenya, South Africa, and Nigeria. This move came after high-level talks in Changsha this week.
While China already offers duty-free access to least developed countries, it will now extend similar benefits to more advanced economies.
Beijing also pledged additional support to poorer nations to help them stay competitive.
Analysts believe this could help reduce the $62 billion trade gap that heavily favors China, if African exports increase.
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