Zimbabwe And China Trade Agreements

Zimbabwe And China Trade Agreements

HARARE – During the first visit by a Chinese leader to Zimbabwe since 1996, President Xi Jinping on Tuesday witnessed the signing of 10 economic agreements, including on the expansion of the South African country`s largest thermal power plant and the country`s 39th anniversary. In an interview after the signing ceremony, Minister Moyo said, “What was signed here was basically three agreements. The first, as you know, our cooperation between China and Zimbabwe is guided by eight principles and the eight initiatives, and these initiatives are the ones that guide the framework of cooperation, whether it is an industrial or technological initiative or a person-to-person initiative, (or) it is a financial initiative. Zimbabwe`s “Look East” policy, which aimed to expand bilateral and trade relations and prioritize investors not only from China, but also from Malaysia, Singapore, Vietnam, Japan, South Korea, India and Russia, has increasingly focused on China, excluding other countries. The Forum on Africa-China Cooperation reports that Mugabe`s visit in 2006 is his 11th visit to China. [11] There were no official visits by Mugabe to China in 2008 and 2009. The 12th and 13th visits took place in 2010 and 2011. Mugabe also visited China in August 2014. The people`s Republic of China`s (PRC) declared foreign policy of non-interference in the internal affairs of countries has made it a popular foreign policy partner in Harare.

[12] He added that Zimbabwe and China are also looking at trade, especially at a time when trade relations between China and the US are frigid. Zimbabwe and China this week signed a currency swap agreement aimed at boosting trade between the two countries. He said exports to agriculture and other products from the special economic zones would be crucial to boost trade between Harare and Beijing. Harare – Zimbabwe and China have signed a currency exchange agreement to boost trade between the two countries following a visit to Harare by Chinese Foreign Minister Wang Yi. Zimbabwe and China yesterday signed three cooperation agreements focused on economic and social services, while the two all-time friends take their relations to another level. Zimbabwe and China on Friday signed an economic and technical agreement in Harare that will strengthen trade ties between the two countries. The agreements were signed in Harare after marathon talks between the Zimbabwean delegation led by Foreign Affairs and International Trade Minister Sibusiso Moyo and the Chinese economic and trade delegation led by Vice Minister of Commerce Qian Keming. China is Africa`s largest trading partner and the volume of trade between them amounted to $220 billion in 2014, according to China`s official Xinhua news agency. Investments in Africa stood at $32.4 billion at the end of 2014, according to London-based BMI Research. Xi and Mugabe have seen their ministers sign 10 agreements, including on the Hwange agreement and the construction of a new parliament building and a pharmaceutical warehouse. The local currency is legal tender for all domestic transactions, with the exception of a few entrepreneurs, especially those in the tourism sector, who can trade in US dollars.

But Zimbabwean economists believe the move will benefit the Chinese, while the country will starve to death in much-needed foreign currency. This currency exchange agreement will simplify an exchange control procedure, but it will help Chinese traders transfer the proceeds of their business out of the country, but Zimbabweans who previously had access to this money will no longer have access to this money. .

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