The People's Republic of China has announced the complete cancellation of duties on imports of goods from all developed countries with diplomatic relations with Beijing. The corresponding decision was officially reported at a meeting of the World Trade Organization in Geneva, international media reported.
In particular, import duties from 53 African countries have been fully abolished, which will allow these countries to gain more free access to one of the largest consumer markets in the world.
In addition to abolishing tariffs, the China's government has promised to promote access of goods from the least developed countries to its market, as well as to expand programs for vocational and technical training for citizens of these countries. Beijing noted that this initiative is part of a policy of promoting the economic growth of Africa and promoting inclusive globalization.
Participants in the World Trade Organization, especially African and developing countries, have praised the actions of the PRC. Duties are expected to help activate exports, attract investment and create new jobs in the poorest countries in the world.
According to the UN classification, 44 countries include the least developed countries. Most of them are located in Africa, but some countries of Asia and Oceania also include the list. These states have low per capita income, limited human capital and high vulnerability to external economic shocks.
