• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 30
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Is $20 Billion by 2030 Realistic? Evaluating China-Africa Agricultural Trade Ambitions
Finance

Is $20 Billion by 2030 Realistic? Evaluating China-Africa Agricultural Trade Ambitions

July 9, 2024No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Is $20 Billion by 2030 Realistic? Evaluating China-Africa Agricultural Trade Ambitions
Share
Facebook Twitter LinkedIn Pinterest Email

It wasn’t well publicized, but in November 2023, in the second Forum on China-Africa Agricultural Cooperation, China committed to a target with Africa that no other development partner has. China committed to “promote trade value in agricultural products to more than US$20 billion within the next decade.” 

The target is part of China’s broader strategy to enhance economic ties with Africa, including commitments made in 2021 during the much broader and high-level Eighth Forum on China-Africa Cooperation (FOCAC). Such targets include total trade between Africa and China reaching $300 billion by 2024 and imports from Africa to China reaching a total value of $300 billion over three years.

In this context, $20 billion sounds fairly small, yet it is ambitious. Africa’s agricultural trade with China was worth just $9 billion in 2023, representing only 3 percent of China’s total agricultural imports. So achieving the goal would require more than doubling agricultural exports in just six short years. However, this has been done before. 

According to data from China’s Ministry of Agriculture, between 2000-2018, agricultural trade grew by 965 percent, from $650 million to $6.92 billion. Between 2018-2013, trade grew by 35 percent from $6.92 billion to $9.35 billion. To reach the $20 billion target by 2030, trade will need to grow by 114 percent between 2023-2030, making the target ambitious but not unprecedented. 

Furthermore, since FOCAC 8, China has implemented key initiatives to boost agricultural trade with Africa, which will help.

First, the “Green Lanes” initiative was introduced to ease African agricultural imports through expedited inspection, quarantine procedures, and new sanitary and phytosanitary (SPS) agreements. Sixteen new African agricultural products from 11 countries have benefited from this streamlined access to China’s market since FOCAC 8, compared to 11 agricultural products from six countries between 1998 and 2021.

See also  Nio’s $1 Billion Convertible Bond Adds to Asian Sales Boom

Second, China reduced tariffs on certain countries and products. By the end of 2023, 27 African countries with least-developed status had zero-tariff treatment on 98 percent of their exports to China.

Third, China committed to providing $10 billion in trade financing for African exports. While little has been publicized on which institutions are delivering this and where, certainly some African organizations have been involved. For instance, in August 2023, China Development Bank and the African Export-Import Bank signed a $400 million loan facility to support African SMEs engaged in intra-Africa trade and productive sectors, aligning with initiatives like the African Continental Free Trade Area (AfCFTA). 

Fourth, and last but not least, the 2022 and 2023 China-Africa Economic and Trade Expos (CAETE) in Changsha and Nairobi, respectively, also promoted several African agricultural products alongside other Chinese government-sponsored livestreams and promotional events in 2022.

However, as discussed in a recent China-Africa trade dialogue in Beijing, co-organized by the African Union and Development Reimagined, despite these advancements, two fairly binding constraints remain on progress and, therefore, on the $20 billion target.

First, the lack of direct engagement of African SMEs and organizations in the FOCAC initiatives is a challenge, given African countries’ diversity and the importance of local knowledge of farming techniques, agricultural products, as well as markets. Running trade promotion schemes that are far removed from African stakeholders is unsustainable.

Second, underdeveloped value chains, insufficient mechanization, and a heavy reliance on unpredictable rainfall continue to hinder agricultural productivity in Africa, and this will only become more challenging with climate change.

See also  Sam Bankman-Fried Sought to Pay Trump $5 Billion Not to Run for Reelection

So, what needs to happen now to make the $20 billion target by 2030 a reality? Several steps are essential, and with less than 65 days until the ninth Forum on China-Africa Cooperation in Beijing this September, these steps could form the basis of further, comprehensive, and strategic updates to China-Africa agricultural policy.

First, scaled-up direct and concessional lending for African agricultural infrastructure, including irrigation, post-harvest facilities, and transport, is needed to reduce losses and enhance productivity.

Second, continuing to accelerate but also expanding the Green Lanes initiative to focus on value-added and finished African agricultural products will help these products enter and compete in the Chinese market.

Third, recognizing and protecting African Geographical Indications (GIs) like Rooibos tea can elevate their market value in China, similar to European products like French champagne and Italian prosciutto.

Fourth, providing cheaper equity and debt for Chinese private sector investment in Africa’s agro-processing sector – especially through joint ventures, as was practiced in China – is crucial to building local capacity for producing competitive, value-added products. 

Fifth, a partnership between Chinese banks and African banks to reach African SMEs is well overdue. A fund can be created to promote technological innovation, agricultural machinery, and other targeted support for small- and medium-scale farmers and agro-entrepreneurs.

Sixth, leveraging Chinese e-commerce platforms to boost sales of branded African products can significantly enhance market penetration. 

Seventh and finally, further aligning China-Africa agricultural trade cooperation with AfCFTA through expanding duty-free access – especially for value-added products – to the entire continent will enhance regional integration and competitiveness. 

See also  Bank raises NII goal to $84 billion

In conclusion, achieving the $20 billion target by 2030 requires more than doubling the current $9 billion in agricultural exports from Africa to China. This might seem ambitious, indeed – no other development partner has a goal like this with Africa – but it is attainable with strategic efforts. If FOCAC 9 can be the launchpad for the supportive actions needed for it, China and Africa may well be able not just to reach but also surpass the goal.

Agricultural Ambitions Billion ChinaAfrica evaluating Realistic trade
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

Iconic Food Brand Kraft Heinz Investing $3 Billion In US Manufacturing

May 14, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Trump Admin Ready To Provide Another Round Of Financial Aid To Farmers Impacted By China Trade War

April 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Nancy Pelosi Warns Democrats Not To Save Kevin McCarthy

October 1, 2023

SoftBank reports mixed quarter, says ‘timidly’ restarting investment

August 8, 2023

A Healthy Relationship: How To Recognize It?

June 5, 2024

BTK Says Long Island Murder Suspect Rex Heuermann Is a ‘Clone of Me’

July 22, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Smaller Banks’ Earnings Limp As High Interest Rates, Sector Turmoil Send Customers Fleeing To Megabanks

January 24, 2024

‘Lego Masters’ Heads to Japan in TBS Deal

April 13, 2023

Lionsgate suspends advertising on X

November 18, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.