An official with the Ministry of Commerce (MOFCOM) says that China is willing
to establish free trade areas (FTA) with African countries, a move to further
promote two-way trade and mutual investment.
Qi Jianwei, a senior official of Department of Western Asian and African
Affairs of MOFCOM, told a seminar in Beijing: "China will continue to carry out
concrete measures to improve bilateral trade, including setting up FTAs with
African countries and regional blocs when the time is ripe."
Initial steps in this regard have already been made as China and the Southern
African Customs Union (South Africa, Botswana, Lesotho, Namibia and Swaziland)
announced the launch of FTA negotiations in June.
Sino-African Industrial and Commercial Seminar, as the seminar is called, is
sponsored by the China Council for the Promotion of International Trade and is
expected to increase exchanges between business communities of both sides.
At the seminar, Chinese officials introduced their African counterparts to
doing business in China.
And they also called for the establishment of a united chamber of commerce
that would better network enterprises from Africa and China.
Meanwhile, Eleih-Elle Etzan, Cameroon ambassador to China, wants to seek new
ways of co-operation in terms of bilateral trade and China's investment in
Africa.
Commenting on the trade relations, Qi said the potential would be great as
the two economies are complementary to each other.
"Africa enjoys abundant natural resources and a vast market while Chinese
products, which are of good quality and low prices, meet the demands of African
consumers," he said.
Economic relations between China and Africa have prospered in past years,
official data show.
Trade volume between China and Africa rose 53.9 per cent year-on-year to
US$20.5 billion in the first nine months of this year.
China's imports from Africa topped US$10.95 billion, reflecting an increase
of 78 per cent.
Its exports surged by 33.2 per cent to US$9.59 billion, resulting in a small
trade deficit for China.
China mainly exports industrial products, such as machinery and electrical
products, high-tech merchandise, and garments to African countries, while it
imports natural resources, including crude oil, steel, and cotton, from the
continent.
The brisk growth comes as a result of improved trade promotion mechanisms.
China has signed a number of trade and economic co-operation agreements with
African countries and regions to facilitate mutual investment and trade flows.
The nation also granted zero tariffs to the least developed African
countries.
As for investment, more than 670 Chinese enterprises had been approved to
invest in 49 African countries by the end of June this year, with investment
totalling US$1.13 billion.
