President Bola Tinubu has described the $280 billion Economic Trade Partnership growth between Africa and China as exponential.
Speaking Thursday at the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, the President underscored the value of the trade volume between the continent of Africa and China, saying it showed deep economic relationship and expanded integration.
The Nigerian Leader told the Forum including Chinese President Xi Jinping and other African leaders that “I think the flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated 280 billion US dollars.”
He highlighted China’s consistent demonstration of commitment to Africa, describing it as high level engagement that has yielded strategic agreement and shared vision of growth.
The ECOWAS Chairman described the partnership, as one built on mutual respect, sovereignty, and non-interference.
According to him: “At the heart of China -African relations is a foundation built on trust, mutual respect and the pursuit of common goals.As we look to the future, it is crucial that we maintain the momentum, peaceful dialogue, transparent business practices, diplomatic, conflict resolution remains at the forefront of our efforts.”
President Tinubu further informed the Forum which had UN Secretary-General, António Guterres in attendance, that FOCAC as a platform has played crucial role in strengthening economic ties and reaffirming both partners commitment to mutual progress, despite global challenges facing the regions.
His words: “China has consistently demonstrated its commitment to Africa, not only through financial and developmental support, but also through cultural changes that bring our people closer and closer together.
“The establishment of the Institute and Chinese cultural centers across Africa exemplifies the depth of our cultural function and shared learning.
“This impressive figures speak volumes about the extent of our economic relationship and expanding integration of our market. I say China’s Belt and Road Initiative, align with the Africa’s own infrastructure goals under the African continental Free Trade Agreement.
“Our joint efforts reinforce the vision for a multipolar world, where diverse perspectives are embraced and cooperation is key to solving global challenges.
The President affirmed that China’s Belt and Road Initiative, align with the Africa’s own infrastructure goals under the African continental Free Trade Agreement.
He explained that the project offers a greater promise that further signifies the success of FOCAC and the broader partnership that reveals importance of partnership in creating opportunities for sucess,people, development and shared prosperity.
President Tinubu emphasised the importance of continued cooperation in trade, investment, and cultural exchange, despite global challenges.
“The establishment of the FOCAC this platform has been pivotal in strengthening our economic ties and reaffirming our commitment to mutual progress, despite the global challenges we face, whether the economy or geographical , our partnership has stood firm, resolute and offering a powerful example of what can be achieved through respect for sovereignty and non interference, one of the highest highlights of the of this collaboration”, the Nigerian leader further said.
Earlier in his remarks, Chinese President Jinping announced $50 billion in financial support for the continent, in addition to military aid.
President Jinping said China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.
The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernization with Africa.
According to him, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.
“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.
”This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas,” he said.
President Jinping proposed that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.
”Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.
”With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” he further stated.
Deji Elumoye
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