China’s zero-tariff policy for LDC’s set to boost exports from least developed countries, and strengthen unity of the Global South – a master stroke in light of the US Trump regime’s latest tariff madness.
In November 2024 China became the first developing country and major global economy to offer zero-tariff treatment on all products from 43 of the least developed countries (LDCs), strengthening solidarity and cooperation within the Global South.
This initiative will play a key role in boosting LDCs’ exports to China and help them seize opportunities in China’s vast market, said He Yongqian, spokeswoman for China’s Ministry of Commerce.
China implemented a zero-tariff policy on 100 percent of products originating from the LDCs with which it has diplomatic ties, effective from Dec 1, 2024. Under this policy, products subject to tariff quotas saw the in-quota tariff rate reduced to zero, while the out-of-quota tariff rate remained unchanged.
He Yongqian said the move will actively contribute to expanding exports from LDCs to China and help them seize new opportunities in the Chinese market. It will also promote solidarity and cooperation among the Global South and advance inclusive and equitable economic globalization.
For instance, China to date has signed framework agreements on economic partnership for common development with 22 African countries, including Ethiopia, Burundi, Gabon and Zimbabwe.
Source: China Daily, Sept 13, 2024. https://global.chinadaily.com.cn/…/WS66e39078a310371192…
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