November 09, 2009

China-Africa Forum Focus on Mutual Development

The 4th meeting of ministers of the Forum on China-Africa Cooperation or FOCAC concluded yesterday at an Egyptian Red Sea resort with agreement on many new joint efforts. The headline grabber is Beijing's commitment to make available $10 billion (US dollars) in loans to African nations. Beijing already cancelled the debts of many African countries after the big China-Africa summit in 2006. Of greater long-term value, Beijing's Commerce Minister announced zero-tariffs on African exports to China effective next year for many goods. Already China-Africa trade amounts to $100 billion. China and African nations will direct their cooperation into agricultural development with an eye to exporting to China, infrastructure projects, and collaboration between African and Chinese businesses.....

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