Press Release: Fostering Prosperity: Boosting & Diversifying Africa’s Exports to China

The African Union Permanent Mission to China and Development Reimagined (DR) organised a roundtable discussion on the theme “Fostering Prosperity: Boosting & Diversifying Africa’s Exports to China” on June 25, 2024, at the African Union’s Permanent Mission in Beijing. This hybrid event aimed to create a platform for discussions and reflections on strategic and practical solutions to sustainably increase the value and volume of Africa-China trade, supporting Africa’s vision to become “the next manufacturing hub of the world.”

 

Event Background:

The General Administration of Customs of China recently released trade data on Africa-China interactions, highlighting significant growth. In 2022, the total trade volume reached US$282 billion, an 11% increase from the previous year. However, the trade imbalance remains a concern, with Africa’s exports to China dropping by 6.7% to US$109 billion, while Chinese exports to Africa increased by 7.5% to US$173 billion.

In response to this growing imbalance, African governments have encouraged China to open up its market to African goods. The Forum on China-Africa Cooperation (FOCAC) 8 addressed critical issues and developed the 2035 Vision for China-Africa Cooperation. This roundtable explored how Chinese trade engagement can align with Africa’s goals, enhancing its manufacturing sector and reducing the trade imbalance.

Event Objectives:

    1. Facilitate and enhance collaboration between Africa and China within the framework of the 2035 Vision for China-Africa Cooperation and FOCAC more broadly.
    2. Developing mutually beneficial plans to enhance Africa’s agro-processing sector to produce competitive, value-added products and the capacity to meet China’s import demand, as well as identify investment opportunities for Chinese partners.
    3. Identify ways to enhance trade finance to create better China-Africa business partnerships and boost Africa-China trade.
    4. Define a strategy to implement a process to recognise African GIs in China and strategically leverage GIs to increase the value of African exports to China.
    5. Develop and implement targeted measures aimed at achieving the goal of attaining US$300 billion worth of imports by China from Africa by the year 2024 and future Chinese import goals.

Invited Stakeholders:

The roundtable included African Ambassadors and diplomats in China, the African Union, the Trade and Development Bank (TDB), the African Continental Free Trade Area (AfCFTA) Secretariat alongside Chinese stakeholders from the Chinese Ministry of Commerce (MOFCOM), CAD-Fund (China Africa Development Fund), the Chinese Academy of International Trade and Economic Cooperation (CAITEC), and country-level state-owned and private enterprises.

The hybrid event was held under Chatham House Rules, with simultaneous interpretation into English and French. A summary report will be shared with participants following the event.

 

For further inquiries, please contact:

Rosie Wigmore

Programme Manager, Africa Reimagined

rosiewigmore@dvelopmentreimagined.com

Photo highlights from the event (below)

24th June, 2024

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