China's Zero-Tariff Deal Helps Africa Diversify Away From Traditional Western Markets: Economist
China's Zero-Tariff Deal Helps Africa Diversify Away From Traditional Western Markets: Economist
The new tariff-free agreement with 53 African nations offers a significant opportunity for the continent to expand manufactured exports, according to Dr. Azar Jammine, Chief Economist at Econometrix.
"South African exports will not have to contend with significant tariffs when they export to China, and in that way, it will make South African goods that much cheaper than is the case with their exports going to other countries who do impose tariffs," the expert told Sputnik Africa.
Key points from the South African economist:
🟠If African nations can "beneficiate some of these raw materials at a competitive price and export them to China, then there is a huge potential benefit and a massive market there."
🟠China is signaling it "is still a very useful trading partner for the rest of Africa" amid the "lesser than friendly attitude being displayed by the United States."
🟠The deal "does work towards assisting Africa in diversifying its range of geographies to which it exports."
🟠If Africa can competitively manufacture for China, tariff-free access would boost production and job creation.
Subscribe to @sputnik_africa
