China’s decision to eliminate tariffs on products from 53 African countries marks a structural shift in bilateral relations and will further strengthen South-South cooperation, Afonso Gomes, a Guinea-Bissau economic analyst, has said.
In a recent interview with Xinhua, Gomes said China’s policy reflects its commitment to multilateralism and deeper cooperation with Africa.
“China realized very early that the future of the world economy requires multilateralism. The decision now taken confirms its strong medium- and long-term strategic vision,” he said.
Noting that it could open new opportunities for African countries to export more value-added products, create local jobs and increase tax revenues, the analyst said the initiative will help African countries reduce poverty and strengthen the continent’s economic independence.
Gomes noted that Guinea-Bissau, whose exports are largely dominated by agricultural products such as cashew nuts, should leverage the opportunity to diversify and promote local processing.
At the regional level, Gomes called for strengthening and institutionalizing dialogue mechanisms between the Economic Community of West African States and China to help harmonize standards and facilitate trade.
Hailing China’s zero-tariff treatment as “an excellent opportunity,” he said that African countries need to pursue structural reforms and adopt sound industrial strategies to fully benefit from the policy.
China offers African countries an opportunity to reduce chronic external dependence, provided that policymakers put in place sound economic strategies focused on transforming and industrializing their economies, Gomes added. Enditem
Source: Xinhua
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