South African experts welcomed China’s decision to grant zero-tariff treatment to South Africa, describing the measure as significant for their country’s trade structure and industrial development, the Chinese news agency Xinhua reported on Monday.
Signed during a visit to China by South African Minister of Trade, Industry and Competition, Parks Tau, in early February, the Economic Partnership Framework Agreement lays the groundwork for a “fast-track agreement” expected by the end of March, which is set to grant zero-tariff treatment to South African exports to the Chinese market and create more favorable conditions for increasing Chinese investment in South Africa.
Economists and trade analysts said that this zero-tariff treatment sends a strong signal of market openness and is likely to inject new momentum into bilateral economic relations.
“This agreement paves the way for South Africa to pursue a different development trajectory by gaining access to manufacturing and service technologies that it does not currently possess,” it was noted.
The experts also pointed out that South Africa has secured broad market access, particularly for agricultural and mining products, while China has shown strong interest in investing in the South African manufacturing sector.
