China Africa Agreement

In the pursuit of economic progress in Africa, the Chinese diaspora and Chinese producers have received active support from PRC embassies. Michel and Beuret find that PRC embassies and local Chinese businessmen have frequent meetings and actively provide mutual support and information. For Africans applying for a visa to China, the embassy may request more information about local businessmen, often about its wealth. If confirmed, the African businessman or consumer will quickly get a visa agreement. [Citation required] One of the world`s most valuable and important free trade agreements will enter into force on May 30, but it`s one that has been little mentioned in the mainstream media: the African Continental Free Trade Agreement (AfCTFA). The AfCTFA is the largest retail trade deal reached since the World Trade Organization meeting, but the lack of attention to it indicates that, despite globalization, trade, which is important, is perceived as exclusively exploited by the United States. The Bank officially aims to foster the development of China`s export-oriented economy, supply raw materials to China, and facilitate sales of Chinese goods overseas. [57] EximBank helps invest in underdeveloped African countries so that they can produce more raw materials and export to Chinese industries and African companies can expand their own markets. [57] In 2006, EximBank alone pledged $20 billion in development funds for the period 2007-2010, more than all Western financing. Several other Chinese banks also offer similar deals to African governments and businesses. China has been more competitive, less bureaucratic and better suited to activities in Africa. [42] Between 2009 and 2010, the China Development Bank (CDB) and Eximbank publicly offered loans to emerging countries in the amount of about $110 billion. Between 2008 and 2010, the World Bank`s record of offering just over $100 billion was surpassed.

[58] While the AfCFTA could complicate existing trade agreements – between African nations, the United States, the European Union and China – Ghana`s Minister of Trade and Industry is not worried. This “will not be a problem because [trade agreements] will not be mutually exclusive and will not promote competitiveness,” Kyeremate told Al Jazeera. “Ghana is a gateway for investors who can reach the AfCFTA from here.” In the diplomatic and economic rush to Africa, the United States, France and Britain are China`s main competitors. China overtook the United States in 2009 and became Africa`s largest trading partner. Bilateral trade agreements have been signed between China and 40 countries on the continent….