BEIJING, December 15 (TMTPOST) －The Customs Tariff Commission of the State Council of China announced on Wednesday that China will offer least developed countries a zero-tariff treatment to 98% of their goods items.

The import items that will be covered by the zero-tariff policy include raw materials, cancer drugs, aquatic products, fresh produce and baby clothing.

China currently grants 42 least-developed countries, such as Angola, zero-tariff treatment to 97% of its import items to China. East Timor and Myanmar enjoy a zero-tariff treatment that covers 95% of their import items.

Increasing the zero-tariff treatment coverage for least developed countries will increase China’s imports from Africa and help build a community with a shared future for China and Africa, according to the policy announcement from the Customs Tariff Commission.

Source: Visual China

Chinese President Xi Jinping announced earlier that China will expand the country’s zero-tariff treatment coverage for least developed countries in his opening remark for the 8th Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) on November 29th.

FOCAC is an official forum mechanism between China and all states in Africa with the exception of Eswatini. Founded in 2000, FOCAC is an effective mechanism for China to form interregional cooperation between China and African states on economic development. The forum was established to promote diplomatic, trade, security and investment relations between China and African countries

China is currently Africa’s biggest foreign direct investment (FDI) source. Chinese FDI increased from US$74.8 million in 2003 to US$4.2 billion in 2020, according to statistics available on China’s state council website. China’s direct investment in Africa reached US$2.59 billion in the first nine months of 2021, registering 9.9% year-on-year growth, Qian Keming, China’s vice minister of commerce said.

China’s zero-tariff treatment promoted the diversification of exports from the manufacturing industry in Africa, research shows.