Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
by Staff Writers
Luanda (AFP) Nov 01, 2012
China has granted a 95 percent tariff discount to exports coming from oil-rich Angola, officials said Thursday, after the signing of a new round of trade deals.
Previously Angola exports entered China with a 65 percent discount from normal tariff rates.
Crude makes up about 90 percent of Angolan exports to China.
Africa's second largest oil producer, Angola is the largest supplier of crude to China.
It also exports smaller quantities of diamonds, coffee, sisal and fish.
The decision to reduce the effective tariff rate was part of the three deals signed by the two countries in Luanda on Wednesday.
"China is a very important trading partner for Angola and our country is a prime destination for Chinese investment in Africa," Andre Panzo, the director responsible for Asia in the foreign ministry, told AFP.
Two other deals will see the renovation and expansion of the Luanda General Hospital, and the construction an agricultural research centre.
Angola has maintained close economic ties with China since peace returned to the African country in April 2002.
China has granted credit lines worth several billion dollars to the administration of President Jose Eduardo dos Santos for the rebuilding of infrastructure destroyed during the civil war.
Seeking to tap into Africa's vast natural resources on the continent, Beijing has poured money into the continent over the last 15 years.
China became the continent's largest trading partner in 2009.
Global Trade News
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|