Sino-African Trade To Hit $100 Billion by 2010

(Xinhua)—Sino-African trade is likely to hit 100 billion U.S. dollars before 2010, sooner than Chinese Premier Wen Jiabao forecast last year, said Wei Jianguo, Deputy Minister of Commerce, on Tuesday.

Trade between China and Africa reached 52.3 billion U.S. dollars in the first nine months and would surpass 70 billion U.S. dollars by year end, Wei told a press conference on the follow-up programs of the Beijing Summit of the Forum on China-Africa Cooperation held last November.

The figure rose to 55.5 billion U.S. dollars last year, up from 40 billion U.S. dollars in 2005 and 10 billion U.S. dollars in 2000.

“Since the summit, cooperation between China and Africa has expanded rapidly, with more and more fields involved,” Wei said.

Official statistics showed that 454 types of African products now received zero-tariff treatment.

China was also preparing to launch the construction of three trade and economic cooperation zones in Africa this year.

It was also planning to dispatch 100 senior experts specializing in agricultural technologies to Africa within three years. Wei said 52 were bound for the continent by year end.

Chinese President Hu Jintao announced at the summit eight measures to consolidate a “new type of strategic partnership” between China and Africa. These included further opening China’s markets to Africa’s least developed countries.

The measures also included building three to five trade and economic cooperation zones in Africa in the next three years, providing three billion U.S. dollars in preferential loans and two billion U.S. dollars in preferential buyer credits to African countries. It would also include training 15,000 African professionals.

“Next year will be a crucial year for carrying out the eight measures, as many projects will be implemented after a year’s planning and preparation,” said Wei.

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