The order has arrived! 100% zero tariff, effective from December 1st!

On September 12th, according to the website of the Ministry of Finance, the Tariff Commission of the State Council issued a notice granting zero tariff treatment to 100% tariff items of products from the least developed countries, which will be implemented from December 1st, 2024.

In order to expand unilateral opening up to the least developed countries and achieve common development, starting from December 1, 2024, a preferential tax rate of zero will be applied to 100% of tax items originating from the least developed countries that have diplomatic relations with China.

Among them, tariff quota products only reduce the tariff rate within the quota to zero, while the tariff rate outside the quota remains unchanged. 

Zero tariff on quota products!

It is understood that there are currently a total of 43 least developed countries that have established diplomatic relations with China, with the highest number of African countries reaching 33.

Earlier, on September 5, at the Beijing summit of the Forum on China-Africa Cooperation of the Forum on China Africa Cooperation, China expressed its willingness to take the initiative to unilaterally expand market opening, and decided to grant 100% tariff free treatment to all least developed countries that have diplomatic relations with China, including 33 African countries. It became the first major developing country and major economy in the world to implement this measure, and promoted China's big market to become a great opportunity for Africa.

According to relevant laws and regulations, the least developed countries are granted zero tariff treatment for 100% of their taxable products, without the need to go through exchange of documents with the relevant countries.

Granting zero tariff treatment will be conducive to promoting economic and trade cooperation between China and Africa, promoting the construction of a high-level China Africa community with a shared future, and helping the least developed countries develop and achieve mutual benefit and win-win outcomes. 

As of the end of June this year, China has implemented zero tariffs on 98% of taxable products originating from 27 least developed countries in Africa, signed bilateral investment promotion and protection agreements with 34 African countries, and signed double taxation avoidance agreements with 21 African countries.

In 2024, China Africa trade and investment will continue to maintain a steady development trend, fully demonstrating the strong vitality and resilience of China Africa economic and trade cooperation.

According to statistics from the General Administration of Customs, China's imports and exports to Africa amounted to 1.19 trillion yuan in the first seven months of this year,Year on year growth of 5.5%, reaching a new historical high in scale.

There is nothing that cannot be bought in China

Recently, at the China Africa Entrepreneurs Conference, a businessman who has been engaged in China Africa trade for more than 20 years told reporters in Mandarin about his gains: there is nothing that cannot be bought here.

Sula's connection with China began in 2003, when he first came to Yiwu, Jinhua, Zhejiang through a friend's introduction. He was amazed by the dazzling a-rray of small commodities in the market, and the affordable products were sold out as soon as they arrived in Senegal.

In 2006, Sula established his own trading company. With Yiwu's rich and diverse products, convenient and fast logistics, and a good business environment, Sula's business grew bigger and bigger,

Sula has been engaged in China Africa trade for more than 20 years, and he has discovered new business opportunities in the booming new energy vehicle market in China.

He purchased over 100 Chinese new energy vehicles and registered a ride hailing company in Dakar, planning to learn China's ride hailing model for operation.

Nowadays, more and more African merchants like Sula are traveling between China and Africa,The increasingly sophisticated Chinese products are heading towards Africa, and the products and culture of Africa are becoming more and more well-known to the Chinese people. The constant interaction continues to write rich and colorful stories of China and Africa.