Addis Ababa December 12/2021/ENA/ The trade relation between Africa and China is based on mutual benefit for the two sides not in a colonialist way that has been in practice for so long with some of the European and western countries, African Chamber of Commerce President Kibur Gena said.Thank you for reading this post, don't forget to subscribe!
The Ethiopian economist told ENA that Africa’s trade has mostly been carrying out with European and western countries relying on colonialist line of trading until China offers mutually benefiting trade partnership that is shifting Africans to the emerging Asian and Middle East countries’ markets.
“China’s trade tie with Africa is not Colonialist, it is a trade relation that benefits both sides even though some of the west were black mailing it in different ways, it is clear that the trade relations with China and Europe have apparent difference from the onset,” Kibur added.
According to him, the expanding trade partnership between China and Africa will further benefit African countries by expanding the market opportunities.
The president said the trade relations of European and western countries with Africa have mostly been carrying out in a colonialist way rooted in historical legacy.
“Trade in Africa has been carrying out through the line that colonialists put in place,” Kibur said.
Many countries are shifting their trade relations from Europe and western countries to Middle East and Asian countries, including to China, he observed.
“Most trade exchanges were with Europe and the U.S. not with Asia and Middle East, which are emerging now. But it’s inevitable to expand the market to China because the market with Europe will decline due to population factors,” he explained.
China has different programs and initiatives to strengthen relations with Africa, particularly to strengthen trade partnership with the continent, including in zero tariff and other similar supports, he stated.
The president has called for countries carrying out trade relations in a colonialist way to revise the system.
The colonialist way of trading relations, for him, take the raw materials and products even produced in Africa.
It is to be recalled that the government of China recently announced a program that will encourage its businesses to invest no less than 10 billion US dollars in Africa in the next three years, and establish a platform for China-Africa private investment promotion.
China also decided to provide credit facilities and trade finance to African financial institutions and exporters, and channel to African countries part of its share of the IMF’s new allocation of Special Drawing Rights.
The country will continue to support the development of African Continental Free Trade Area and support the development of the “Great Green Wall” in Africa.