Namibia, China to negotiate new free trade agreement

Articles: Namibia, China to negotiate new free trade agreement

Posted by admin on Wednesday, July 21, 2004 - 02:20 AM

President Sam Nujoma said on Tuesday that five members of the Southern African Customs Union (Sacu), including Namibia, are to negotiate with China for a free trade agreement in a bid to facilitate their commodity and service trade.
Nujoma addressed a seminar on China-Namibia economic ties and trade during a 10-day working visit to China at the invitation of Chinese President Hu Jintao. He said that Namibia boasts abundant natural resources and strategic geographic location, and enjoys preferential treatment for entrance into the European Union market. These provide excellent opportunities for Namibia-China cooperation in such fields as fishing, mining, tourism and manufacturing industry. Nujoma said the Namibian government encourages Chinese companies to explore and develop co-operative projects in the country in high-value added fields such as food processing, mine refining, cement producing, medicine, furniture and garment manufacturing. Yu Ping, vice chairman of the China Council for the Promotion of International Trade (CCPIT) and vice-president of the China Chamber of International Commerce (CCOIC), also said at the seminar there exist great potentials for China and Namibia to develop bilateral trade and investment. Yu said Chinese businesses investing in Namibia will help bring to the country China's expertise and experience in establishing and running export-oriented processing zones, special economic zones and infrastructures. The Chinese government encourages Chinese companies to "go global" by investing in foreign countries. In newly-released guidelines for Chinese enterprises investing overseas, the Chinese government lists southern African countries as having compatible economic structures with China, he said. Trade volume between the two countries in 2003 amounted to US$74,57 million, up 52 per cent from 2002.

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