China and South Africa hold the 9th meeting of the Joint Economic and Trade Commission and sign a framework agreement for a joint development economic partnership

On February 6th, Wang Wentao, Minister of Commerce, and Parks Tao, Minister of Trade, Industry and Competition of South Africa, co chaired the 9th meeting of the Central South Economic and Trade Joint Committee in Beijing, exchanging in-depth views on deepening bilateral economic and trade cooperation between China and South Africa.

Wang Wentao stated that under the strategic guidance of the two heads of state, China and South Africa have closely cooperated and achieved significant results in bilateral economic and trade cooperation. This year marks the beginning of China's 15th Five Year Plan. China will continue to promote high-quality development, steadfastly expand high-level opening-up, and bring new opportunities for China South cooperation. China is willing to work with the South to continue tapping into the potential of bilateral trade, and to ensure that South Africa enjoys zero tariff treatment for 100% tariff products exported to China in accordance with WTO rules through the signing of the Joint Development Economic Partnership Agreement, providing long-term, stable, and predictable institutional guarantees for the comprehensive improvement of China South economic and trade cooperation. China is willing to actively respond to South Africa's "New Investment Initiative", expand investment cooperation in areas such as automobiles, mining, agriculture, and new energy, and jointly build a stable and resilient supply chain cooperation relationship. I hope the south can provide more convenience and support for Chinese enterprises to invest and develop in the south. In the current context of unilateralism and protectionism, China will continue to strengthen communication and coordination with the South under multilateral frameworks such as the World Trade Organization and BRICS countries, and jointly maintain the authority and effectiveness of the multilateral trading system with the World Trade Organization as the core and rules based.

Parks Tao stated that under the current situation, the South attaches great importance to deepening economic and trade cooperation between South China and China, and is willing to strengthen communication and coordination with China to provide a favorable policy environment for Chinese enterprises to invest and operate in South China, and jointly promote the sustained and healthy development of bilateral trade and industrial cooperation. The South is willing to strengthen cooperation with China under multilateral frameworks such as the World Trade Organization, jointly uphold multilateralism, and promote global trade development.

After the meeting, both sides signed the Framework Agreement on the Joint Development of Economic Partnership between the Government of the People's Republic of China and the Government of the Republic of South Africa. This is the 33rd African country to sign a framework agreement with China, and it is another practical action to help African countries share China's super large market and vast development opportunities. Both sides also issued a joint statement between the Ministry of Commerce of the People's Republic of China and the Ministry of Trade, Industry and Competition of the Republic of South Africa on the 9th meeting of the China South Africa Joint Economic and Trade Commission.