Zimbabwe China Trade Agreements

Zimbabwe and China on Friday signed an economic and technical agreement in Harare that will strengthen trade ties between the two countries. Speaking to reporters in Harare at the end of Wang`s visit, Zimbabwean Finance Minister Mthuli Ncube said a currency exchange would boost trade between the two countries. China has become the largest buyer of Zimbabwean tobacco, purchasing more than 13,000 tonnes of tobacco between January and October 2007. Zimbabwe`s trade deficit with China was $189 million in the first half of 2007; Zimbabwe exported $16 million in goods to China. [3] The Zimbabwean government has also purchased large quantities of military equipment from China, including a $13 million radar system, six Hongdu JL-8 jets, twelve JF-17 Thunder fighter jets, and 100 military vehicles since June 2004. 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] The value of imports and exports of China-Africa trade increased from $10 billion in 2000 to more than $170 billion in 2017. China`s exports to Africa reached $94.74 billion, while imports from Africa reached $75.26 billion, generating a trade surplus of $19.48 billion in a single year.

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. 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. 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. To promote the international use of the yuan, China has signed currency exchange agreements with more than 20 countries around the world, including South Africa. A currency swap involves exchanging money in one currency for the same currency in another currency, and companies that do business abroad often use it to get cheaper loan rates. Officials did not disclose the total value of the agreements […].