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Agriculture records $1.47bn trade surplus in the second quarter (Engineering News)
South Africa’s agriculture exports decreased by 0.1% year-on-year in the second quarter of the year to $3.37-billion. This followed a 6% year-on-year growth rate in the first quarter of the year. The decrease in the second quarter, relative to the second quarter of last year, reflects the moderation in the prices of some agriculture products and a decline in volumes.
The top exported products by value in the second quarter were citrus, apples, pears, maize, wine, dates, pineapples, avocados, sugar, grapes, fruit juices, nuts and wool.
Agricultural Business Chamber of South Africa (Agbiz) reports that while the value of the exports was down slightly in the second quarter, compared with the same quarter of last year, the efficiency at the ports was much better than what stakeholders experienced in 2023.
S Africa moving to finalise framework for private sector participation in rail and ports (Engineering News)
South Africa plans to complete a framework for private companies to use State-owned port and rail infrastructure within six months, Transport Minister Barbara Creecy said, a move that could help the government solve severe logistics constraints that have hit economic growth.
The framework will serve as a guide on how the government works with third parties, and will pave the way for it to call for interested companies to make proposals, she told reporters Tuesday in Johannesburg.
South Africa’s rail network and ports are creaking after years of underinvestment, corruption scandals and vandalism. That costs the economy billions of dollars yearly as bulk mineral exports from coal to chrome and iron ore are stranded.
Kenya’s top court suspends judgment nullifying 2023 finance law (CGTN)
Kenya’s top court on Tuesday suspended a lower court’s ruling that the 2023 finance law was unconstitutional, saying it was important to preserve stability in the budget until the merits of the government’s appeal are heard next month. The finance bills, presented to parliament at the start of every financial year, are the main vehicle for the government to set out its revenue-raising measures including tax hikes.
The Court of Appeal’s judgment late last month that last year’s Finance Act was unconstitutional was a blow to the government of President William Ruto, who withdrew this year’s finance bill in June in the face of youth-led protests, the biggest challenge of his two-year presidency.
Ruto has been caught between the competing demands of Kenya’s hard-pressed citizens, and lenders such as the International Monetary Fund. He has argued that tax increases are necessary to help fund development programmes and pay off a heavy public debt load.
Global scientists meet in Kenya to promote trade in certified seeds (CGTN)
More than 200 scientists from across the globe started a four-day meeting in Nairobi, the Kenyan capital, on Monday to discuss new ways to promote trade in certified seeds. The conference, under the theme of “Seed Quality Assurance and Technological Advances for Climate Adaptation toward Sustainable Food and Nutritional Security”, is the first of its kind held in Kenya, which provides an opportunity for stakeholders to share experiences, achievements, challenges, and opportunities that can be leveraged to boost the commercialization of high-quality seeds.
Andrew Karanja, cabinet secretary of Kenya’s Ministry of Agriculture and Livestock Development, said that access to quality seeds and inputs is a critical determinant of agricultural productivity. “Seed certification is a robust process that plays a pivotal role in promoting crop productivity, maintaining genetic integrity, and fostering market confidence,” Karanja said.
He noted that Kenya and other African countries have invested heavily in seed production facilities and services over the last two decades, adding that the agricultural sector has a significant bearing on food security, economic growth, and social stability. Karanja called for revising existing regulatory and supportive frameworks, fostering competitive seed markets with minimal barriers and facilitating responsible trade in high-quality agricultural products.
Kenya hosts workshop to unify Africa’s food safety standards (Daijiworld)
Experts on Tuesday gathered in Nairobi, Kenya’s capital, to discuss harmonizing food safety standards across Africa, a step toward accelerating the continent’s agricultural trade and realizing its full potential. The two-day dissemination workshop on trade and food standards brought together more than 200 delegates to review the cooperation between the Food and Agriculture Organisation of the United Nations (FAO) and the World Health Organization (WHO) in creating a system of international food standards to enhance trade in Africa.
Maryann Kindiki, manager for National Codex Contact Point at Kenya Bureau of Standards (KEBS), an intergovernmental body focused on implementing joint FAO and WHO food standards, highlighted that varying national food safety standards pose a significant technical barrier to intra-Africa trade, particularly in agricultural commodities.
Kenyan gov’t embarks on nationwide campaign to highlight EU Economic Partnership Agreement opportunities (Citizen Digital)
Investments, Trade, and Industry Cabinet Secretary Salim Mvurya addressing the media after a meeting with EU Ambassador to Kenya Henriette Geiger. The government is set to embark on a nationwide sensitization campaign aimed at informing the Kenyan business community about the vast opportunities presented by the European Union (EU) Economic Partnership Agreement (EPA). This initiative will offer comprehensive insights into the benefits and potential of the agreement, which promises to open new markets for Kenyan products across all 27 European Union member states.
Investments, Trade, and Industry Cabinet Secretary Salim Mvurya hailed the EPA as a transformative agreement that will significantly enhance Kenya’s trade prospects. “It is crucial that both the business and investor communities are fully informed about the stakes involved—not only for the private sector but also for public and government agencies,” he stated. Speaking at a joint press conference in Nairobi, EU Ambassador to Kenya Henriette Geiger commended the Ministry’s efforts to streamline and operationalize the agreement.
“The EPA provides a unique opportunity for Kenya’s business community to access the European market duty-free. Once fully embraced and adopted, this agreement will significantly increase employment opportunities and strengthen economic ties between Kenya and the EU,” said Ambassador Geiger.
Angola Oil & Gas (AOG) 2024 Ministerial Panel to Outline Strategies for Accelerating Regional Integration (Africa.com)
As the second largest oil producer in sub-Saharan Africa, Angola is seeking in-roads to regional markets, leveraging its position as a major supplier to strengthen trade and cross-border projects. The country has ambitions to leverage both newfound investments in exploration and upcoming infrastructure projects to supply the regional market with petroleum, signaling new opportunities for strengthened trade in Africa.
Ghana begins construction of $12 billion oil refinery (CGTN)
Ghanaian President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel-per-day oil refinery that the government hopes will turn the West African country into the region’s petroleum hub, but critics say the project is flawed. Ghana, the world’s second-biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 barrels per day of crude oil and about 325 million standard cubic feet per day of natural gas.
“The project promises to be a cornerstone of our nation’s development,” Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants. Phase one of the project, estimated to cost 12 billion U.S. dollars, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co, he said on state-owned Ghana Television.
West Africa consumes about 800,000 barrels per day according to the African Refiners and Distributors Association, of which almost 90% is imported. The petroleum hub aims to supply enough refined and by-products to supply the region by 2036, according to an agreement signed in June 2018.
Nigeria Canvasses Enhanced Cooperation, Regional Integration With Tanzania (This Day Live)
Vice-President Kashim Shettima has canvassed for strengthened cooperation between Nigeria and Tanzania in shared aspirations for continental growth and unity. This, he said, has become necessary since Nigeria shares historic ties with Tanzania, particularly in their roles as frontline states in the fight against apartheid and colonialism. Shettima disclosed this on Tuesday when he received former Tanzanian President, Jakaya Mrisho Kikwete, at the State House, Abuja.
Applauding Tanzania’s leadership legacy, the vice-president said: “Tanzania is one of Africa’s success stories. From Julius Nyerere to Samia Suluhu Hassan, the country has been blessed with exceptional leaders. Tanzania stands as a beacon of hope and stability in East Africa.” Shettima said it is important to foster stronger economic and social ties between the two nations, especially within the framework of the African Continental Free Trade Area (AfCFTA)
According to him, “With the discovery of significant gas reserves, Tanzania is on a fast track to development. If key African nations like Nigeria and Tanzania succeed, the entire continent will benefit.”
Ethiopia’s road to debt restructuring (The East African)
Ethiopia is ramping up efforts to restructure its $1 billion international bond as part of a broader debt rework. Investors have balked at indications that the government is seeking a haircut, setting the stage for tense negotiations.
Pressed by acute foreign currency shortages and sluggish government revenues amid a civil war in the northern region of Tigray, the government said in early 2021 it would restructure its debt under the G20 Common Framework initiative. Chad, Zambia and Ghana have all sought to restructure their debts under the programme designed to provide swift debt relief to developing countries.
The East African nation, the continent’s second most populous with 120 million people, floated its birr currency on July 29, helping it secure a $3.4-billion four-year IMF loan programme. The IMF deal unlocked more financing from lenders including the World Bank and paved the way for a fresh debt restructuring push.
Ethiopia’s external debt stood at $28.9 billion in March, according to the government. The IMF identified a $3.5 billion financing gap during the lending programme. Ethiopia needs to plug that through the debt rework, but how that will be attained depends on the restructuring negotiations.
Minister of International Relations and Cooperation, Ronald Lamola, has hailed the just-ended 44th Ordinary Summit of Southern African Development Community (SADC) Heads of State and Government, held in Zimbabwe, as a critical step towards regional integration and boosting economic ties.
Given the controversial topic of migration of people in the region and on the continent of Africa, Lamola said legal prescripts set down in different countries have to be respected as people and companies move across borders.
Lamola said there is consensus in the region that as people traverse the different countries, laws must be upheld. “That does not mean laws should not be abided to, laws regards to immigration, laws regarding to passports, all the laws related to visas and so forth, they must still be complied with, they must be applied and it must be done within a regulated space and environment,” Lamola spoke to broadcaster Newzroom Afrika on Tuesday morning.
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Summit commended the Government of the Republic of Zimbabwe for organising and hosting the 7th Annual SADC Industrialisation Week and Exhibition that was held in Harare, Zimbabwe, from 28 July to 02 August 2024 in collaboration with the SADC Secretariat, the SADC Business Council and the Confederation of Zimbabwe Industries under the theme ‘Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development towards an Industrialised SADC”.
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Summit took note of the entering into force of the Agreement Establishing the Tripartite Free Trade Area (TFCA) among the Common Market for Eastern and Southern Africa, the East African Community and SADC on 25 July 2024, providing opportunities for SADC Member States to tap into an expanded market of 26 countries, a population of about 700 million and a GDP of US$1 trillion.
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Summit further noted that Namibia represents the Global South and undertakes to give support towards these efforts, in order to amplify the collective voice, and to inclusively determine the best direction for the future generation.
Acceptance Speech by SADC Chairperson, President E.D. Mnangagwa (Southern African News Features)
Statement by Claver Gatete at the 44th SADC Summit of Heads of State and Government (UNECA)
Food security high on SADC summit agenda (Southern African News Features)
The state of food and nutrition security in southern Africa will be high on the agenda when regional leaders meet in Harare, Zimbabwe on 17 August 2024 to discuss socio-economic and political developments in the region over the past year.
According to the Southern African Development Community (SADC) Secretariat, the 44th SADC Summit will, among other key issues, receive an update on the food security situation in the region, particularly the impact of the El Nino-induced drought and the flooding that occurred in some member states during the 2023/24 agricultural season. At least four SADC countries – Lesotho, Malawi, Zambia and Zimbabwe – have declared the drought situation a state of national disaster.
SADC Chair urges region to embrace 4th Industrial Revolution (Southern African News Features)
Southern Africa cannot be left behind by the fast-changing technological developments and needs to adopt strategies to harness the potential of innovation to produce goods and services through value addition and beneficiation of its rich mineral and natural resources.
The incoming Chairperson of the Southern African Development Community (SADC), President Emmerson Mnangagwa of Zimbabwe, said this when he accepted the leadership of the regional body from the President of Angola, João Lourenço during the summit hosted by Zimbabwe on SADC Day, 17 August. Mnangagwa said SADC should adopt measures that would position the region among the main proponents of the Fourth Industrial Revolution.
“Our SADC bloc cannot afford to fall behind in the new and fast changing frontier of science, technology and innovation. These aspects are a pre-requisite for increased productivity and indeed the bedrock upon which other parts of the world industrialised and developed,” Mnangagwa said. SADC has since 2014 prioritised industrial development as it aims to move its economy from being factor-driven to efficiency driven.
Mnangagwa said the theme of the 44th SADC Summit, “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development towards an Industrialised SADC”, emphasises the role of innovation in sustained economic transformation and development. “It is a clarion call for our respective countries to leverage the region’s human capital, to spur technology and innovation that will leap-frog the modernisation and industrialisation of SADC towards a higher quality of life of our citizens.” He called for “purposeful” collaboration among member states to bridge the digital divide between the region and industrialised nations.
Railway sector in SADC faces many challenges: Creecy (SABC News)
The railway sector in the SADC region continues to face a myriad of challenges. That’s according to Transport Minister Barbara Creecy. She was speaking at the 13th annual Southern African Railway Association conference at the Sandton Convention Center, under the theme “Boosting Continental Trade via Rail”.
Creecy says the sector requires collaboration within the SADC region to address its many challenges. The rail industry over the years has been faced with challenges such as crime, theft and vandalism. Climate change has also been identified as one of the issues faced by the railway sector. Creecy says rail infrastructure is being destroyed by extreme weather conditions. She says to mitigate climate change, the sector needs to adopt cleaner fuels and new technologies.
“As we develop our rail offerings, we must also be conscious of changes that are taking place in a rapidly technologically changing world and of course also the changes that are being imposed on us by climate change. In our region, extreme weather events are already wreaking havoc with our rail infrastructure and many other aspects of our built environment. It is important that we capitalize on the advantages that railways offer as an environmentally friendly and sustainable mode of transport and this is a strength that we must harness and expand.”
South Sudan says compulsory cargo tagging to stay (The East African)
South Sudan says exporters of cargo into, or out of its territory must tag it with special seals it will provide, overriding a court challenge mounted by traders to oppose the move. The new directive came five months after Kenyan clearing and forwarding agents moved to court to compel South Sudan authorities to suspend introduction of a second cargo tracking seal. Now, Juba has directed East African countries to comply with immediate effect.
In a notice issued on August 13, Dr Daniel Kon Ater, the South Sudan Revenue Authority (SSRA) Commissioner for Corporate Services informed all stakeholders in Uganda, Kenya and Tanzania to tag goods destined to their country, alongside the requisite Electronic Cargo Tracking Note (ECTN). SSRA said all taxpayers, clearing and forwarding agents and transporters, including non-governmental organisations involved in moving cargo destined to and from South Sudan, should attach South Sudan regionally recognised electronic cargo tracking seal.
In March this year, the SSRA introduced its tags on top of those offered by the Regional Electronic Cargo Tracking (RECT), at $350 per consignment. It caused protest among stakeholders, and the Kenya clearing and forwarding agents to move to court. However, the High Court sitting in Mombasa declined to stop the authority from implementing the order.
Tax application stays are distorting intra-EAC trade, Nduva cautions (The East African)
The existence of numerous stays of application and countries’ duty remission is an impediment to the intra-EAC trade, EAC boss Veronica Nduva said, as the finished products that benefit from these measures cannot access the regional market at preferential tariff treatment.
Speaking during the Kenya Private Sector Alliance (Kepsa)-EAC Secretary General Roundtable in Nairobi, Ms Nduva said the stays were distorting trade within the region. This is due to the fact that all finished products that benefit from a country’s duty remission once sold in the EAC Customs Territory attract duties, levies and other charges provided in the EAC Common External Tariff (CET). The trade distortion as a result of stays of application has “affected intra-regional trade because inconsistent application of the CET disrupts inter-regional trade and complicates supply chains and increases business costs.” Ms Nduva said that stays of application are usually implemented to address specific economic needs. “However, they can cause either an increase or decrease in duty rates,” she observed.
Mastercard Advocates Financial Inclusion And Economic Growth At Tanzania Industry Forum (Africa.com)
Mastercard hosted its inaugural Tanzania Industry Forum in Dar es Salaam, bringing together key stakeholders and thought leaders in the fintech industry to explore the dynamic financial and technology landscape and foster impactful collaborations in Tanzania. The event underscored Mastercard’s commitment to advancing economic growth through innovative digital payment solutions and strategic collaborations in the country.
Tanzania’s economy has shown resilience, with real GDP growth projected to reach 5.7% in 2024. A World Bank report shows that despite global economic challenges, the services sector, particularly financial and insurance services, has been a significant contributor to Tanzania’s economic expansion.
Fintech companies revolutionize payments with innovative solutions like mobile payments, digital wallets and blockchain transactions, enhancing financial accessibility and empowering unbanked populations. Mastercard’s collaborations and advanced technology solutions are integral to these efforts, ensuring secure, seamless payment experiences that bolster financial inclusion and economic participation in Tanzania.
Absa introduces access trade platform to empower businesses (IPPMedia)
Absa Bank has unveiled the access trade platform designed to empower businesses in Tanzania by enhancing efficiency and enabling seamless transactions both domestically and internationally. Obedi Laiser, the bank’s Managing Director emphasized the institution’s unwavering commitment to supporting its clients’ growth and success. He articulated the bank’s purpose, Empowering Africa’s tomorrow, together...one story at a time, highlighting that the introduction of the platform is a significant step towards fulfilling this vision.
“Our Access Trade platform is more than a digital solution; it is a tool that offers convenience, security, and efficiency, allowing our clients to manage their payment and trade finance needs with confidence.” The platform is designed to streamline transactional banking, offering features such as mobile bulk disbursements, secure online channels, and comprehensive reporting capabilities. These features are tailored to meet the demands of a fast-paced business environment, enabling companies to focus on growth and innovation.
“We are dedicated to being more than just a financial service provider. We are your partners in crafting a narrative of success, resilience, and innovation. Every solution we offer is aimed at empowering you to write the best possible version of your story,” added Laiser.
Digital platform for women entrepreneurs now has new resources for learning (COMESA)
In a bid to enhance its support for women entrepreneurship and women’s economic empowerment, the digital platform for women in business – 50 Million African Women Speak – has introduced a new section which provides a broad range of learning resources on various aspects of business. The resources are available via the landing page of the platform (www.womenconnect.org) and through the 50MAWSP app.
They were generated through the boot camp for African women entrepreneurs which the 50MAWSP implementing RECs, namely COMESA, East African Community (EAC) and the Economic Community of West African States jointly organized with the African Development Bank (AfDB) between March and July this year. Approximately 1,000 women entrepreneurs from more than 25 African countries signed up for the business training boot camp, which was conducted online.
“The resources which the platform is making available were generated following a survey where women entrepreneurs who use the platform indicated which areas they needed their capacity to be enhanced, so we are confident that they will facilitate them to do business better, while also going a long way in enriching our platform,” Mrs Hamusonde remarked.
“We are grateful to our implementing partners, EAC and ECOWAS, as well as the AfDB and 50MAWSP national focal points who all played a critical role in ensuring that the boot camp for women entrepreneurs took place and through it a wealth of knowledge was generated for the benefit of women who may not have been able to participate in the live training sessions,” she added.
Africa at Forefront of Championing Cybersecurity and Digital Transformation in the Global Arena (AU)
The Ad Hoc Committee established by the UN General Assembly to negotiate a new convention on cybercrime have agreed on the draft United Nations Convention on Cybercrime which will be presented to the General Assembly for adoption.
The Ad Hoc Committee which was formed to Elaborate a Comprehensive International Convention on Countering the Use of Information and Communications Technologies for Criminal Purposes was chaired by Algeria, an African Union Member State and currently one of the A3 (African Three) Member States representing the continent in the UN Security Council.
The adoption of this important international instrument echoes the vision of the African Union on the need to develop a legal framework on cybersecurity at a global level, recognising the future impact of emerging technologies on the development of an information society for Africa’s, as well as the need to ensure that these emerging technologies are anchored on regulatory frameworks on cyber-security and personal data protection that ensure the rights of citizens, guaranteed under the fundamental texts of domestic law and protected by international human rights Conventions and Treaties, particularly the African Charter on Human and Peoples’ Rights. The African Union adopted the pdf African Union Convention on Cyber Security (13.16 MB) and Personal Data Protection on 27 June 2014 and Cyber Security was adopted as one of the Flagship Projects of Africa’s Agenda 2063.
In 2024, several key instruments and frameworks have been adopted by the African Union including: the African Common Position on the application of International law to use the ICTs in Cyberspace which was adopted by the AU Peace and Security Council in January 2024 and endorsed by the pdf Assembly of Heads of State and Government during their 37th Ordinary Session (1.56 MB) ; and in June 2024, pdf The Continental Artificial Intelligence Strategy (2.45 MB) and the pdf African Digital Compact (12.52 MB) were endorsed by the STC on Communication and ICT and both of which will constitute Africa’s contribution to the Global Digital Compact and the United Nations Summit of the Future in September 2024. The Continental Artificial Intelligence Strategy and the African Digital Compact are anchored on pdf The Digital Transformation Strategy for Africa (1.80 MB) .
Launch of public consultations on Canada’s approach to partnerships in Africa (Canada.ca)
Canada has been actively reviewing its approach, in line with the feminist foreign policy and feminist international assistance policy, to engaging with African countries and institutions to build stronger, expanded and more visible partnerships.
On 14 August, it was announced that public consultations on Canada’s approach to partnerships across the African continent would be launched and will complement discussions held with trusted partners, international counterparts, and key stakeholders in the humanitarian, economic and foreign policy space. “Canadian and African businesses benefit greatly from the growing Canada-Africa trade relationship, thanks to meaningful economic opportunities and strong people-to-people ties. Consultations like these ensure we continue to support trade opportunities for all,” said Mary Ng, Minister of Export Promotion, International Trade and Economic Development.
Why the world needs a UN global tax convention (UN News)
A UN tax convention represents a major shift in how international taxation is approached, with the potential to significantly impact the architecture of global financial systems and how tax dollars are used for the public good. That’s why the UN’s Ad Hoc Committee to draft terms of reference for a UN framework convention on international tax cooperation concluded its second session by approving a package of guidance for the new treaty, taking a landmark jump towards building a legitimate, fair, stable, inclusive and effective international tax system.
More inclusive and effective international tax cooperation is critical in enabling countries to respond to existing tax-related challenges, from digitalisation to global operations of large multinational enterprises, as well as to mobilise domestic resources and use tax policy for sustainable development. Increasing investments in solar, wind power, hydropower and biomass will be essential to reducing global reliance on coal and oil.
An inclusive tax cooperation system can properly address the challenges of strengthening domestic resources to enable all countries to fund and promote policies aligned with the 17 Sustainable Development Goals (SDGs). “Only an international tax system that is fully inclusive will be legitimate and effective,” said Junhua Li, Under-Secretary General for Economic and Social Development at the opening of the Ad Hoc Committee session. A global tax convention aims to ensure that large multinationals pay their fair share of taxes, regardless of where they operate, and is expected to generate significant additional tax revenues for many countries, especially those in the Global South.
Africa must leverage China’s Belt and Road Initiative to drive AfCFTA (Ghana News Agency)
While the continent is making decent progress in the integration of its people through the implementation of the African Continental Free Trade Area (AfCFTA) agreement, poor transportation infrastructure appears to be a major concern. Experts say the continent needs a seamless and efficient transport system to derive the full benefit of the operationalisation of AfCFTA. China, a global leader in industrialisation and Africa’s largest trading partner, must see opportunities in investing in improved infrastructure on the continent for better trade cooperation, with some goals of BRI aligning with the infrastructural targets of AfCFTA.
The Belt and Road Initiative (BRI) is a Chinese strategy introduced in 2013 to connect Asia with Africa and Europe through land and sea networks to promote regional integration, increase commerce, and stimulate economic growth. The initiative specifies five key priorities - Policy Cooperation, Infrastructural Interconnection, Unhindered Trade, Financial Integration, and People-to-People connections. China and its partners have reportedly spent between $4 and 8 trillion under the BRI, with more than 150 countries from Sub-Saharan Africa, Europe, Central Asia, East Asia, and the Pacific being part of the initiative. According to research, China has invested more than $155 billion in infrastructure projects in Sub-Saharan Africa over the last two decades.
COMESA and China Strengthen Ties (COMESA)
The Common Market for Eastern and Southern Africa (COMESA) is set to formalize a major partnership with China during the upcoming Forum on China-Africa Cooperation (FOCAC). This MoU will focus on key areas like capacity building, agricultural development, and investment opportunities across various sectors. Key areas of focus include capacity building, agricultural development with a focus on value addition and post-harvest loss management, as well as investment opportunities in both the public and private sectors. Other priorities include the development of the leather industry, public and private sector investment, and technological advancements in irrigation systems and logistics.
COMESA Secretary General Chileshe Kapwepwe disclosed this during a ceremony at the COMESA Secretariat in Lusaka, Zambia, on Tuesday, August 20, 2024, where she received credentials from the Chinese Ambassador to Zambia, Mr. Han Jing, accrediting him as Special Representative to COMESA.
Key areas of collaboration include hydropower and solar energy, industrialization, trade—particularly e-commerce—and infrastructure development. Additionally, the focus extends to digital payment systems for clearing goods and sovereign currency settlement, fostering globalization through both blue and green economies, and addressing climate change mitigation.
China vows to expand institutional opening-up to Africa, deepen cooperation in industrial and supply chains (Global Times)
Experts noted that with the structure of China-Africa economic and trade cooperation continuing to be optimized, China and countries in Africa will see more collaboration opportunities in emerging sectors including the digital economy, green development and e-commerce. China will expand institutional opening-up to Africa and deepen cooperation in industrial and supply chains, so as to further advance China-Africa economic cooperation and development linkages for shared benefits, a Ministry of Commerce (MOFCOM) official said on Tuesday at a press conference for the upcoming 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).
Trade facilitation propels China-Africa economic and trade cooperation (The Star)
At the Eighth Ministerial Conference of the Forum on China-Africa Cooperation in November last year, China announced the establishment of a “green channel” for African countries’ agricultural products entering China. According to Clement Tulezi, chief executive officer of the Kenya Flower Council (KFC), the “green channel” has helped shorten the time for inspection and quarantine and expand the exemption from customs duty, creating more market opportunities for Kenyan flowers and featuring farm produce from other African countries, such as avocado, citrus, and pineapple.
In recent years, African products have become increasingly popular in the Chinese market following the implementation of trade facilitation measures between China and Africa. Essential oils from Madagascar, gems from Zambia, coffee from Ethiopia, wood sculptures from Zimbabwe, wine from South Africa, and cosmetics from Senegal are sought after by Chinese consumers.
Under the framework of the Forum on China-Africa Cooperation (FOCAC), China-Africa economic and trade cooperation has maintained strong vitality and achieved fruitful outcomes. China has remained Africa’s largest trading partner for 15 consecutive years. According to statistics released by China’s Ministry of Commerce, China-Africa trade reached a record high of $282.1 billion in 2023, up 1.5 percent year on year. Apart from the record-breaking trade volume, the China-Africa trade structure has also improved, highlighted by China’s surging agricultural imports from Africa.
China, Africa continue deepening cooperation in tropical agricultural science, technology (The Star)
Quick links
G20 recommendations: advancing a nature-positive economy and just transition (United Nations Environment)
India and Africa: Partners in Progress and Prosperity (CII Blog)
Indian external affairs minister doubtful about a single Brics currency (The Mail & Guardian)
Why are food companies aligning with UN Sustainable Development Goals? (Yahoo Finance)
Kamala Harris lays out plan for US ‘opportunity economy’ in first policy speech (South China Morning Post)
