Africa-China cooperation boosted

A China-Africa summit ended in the Ethiopian capital Addis Ababa on Tuesday with promises of trade deals, debt reduction and increase in political cooperation. Chinese Foreign Minister Li Zhoaxing told journalists that a raft of proposals, including US $680 million in trade agreements, had been agreed during the two-day conference. Africa is the world’s poorest continent where 300 million people are living on the poverty line. China – with a 1.3 billion population - has a per capita income of US $940 a year. China is also planning to slash taxes on certain goods from 34 of the world’s poorest African countries, officials said, as part of a “zero tariff trade deal". China and Africa are aiming to treble trade to US $30 billion within three years, the conference was told. Political leaders and trade officials said the proposals were aimed at overcoming "imbalances” with rich nations who “exploit and bully” developing countries. Just two percent of China’s trade is with Africa – while the impoverished continent manages just five percent of its trade with China. Chinese businesses will be offered tax exemptions and favourable banking deals if they launch operations in Africa, officials added. Seyoum Mesfin, Ethiopia’s Foreign Minister, told the press conference that boosting human resources in Africa lay at the heart of any development programme. He also hailed anti-terrorist cooperation agreed during the forum and China’s commitment to supply peacekeepers to troublespots on the continent. “China has begun to be more involved in a tangible manner in activities aimed at ensuring peace and stability in Africa,” he told journalists. The next conference will be held in three years in Beijing.