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China and South Africa have reaffirmed their commitment to fostering balanced trade relations and boosting mutual investments, as the two nations continue to strengthen their economic ties. The agreement was reached during a high-level meeting between Chinese and South African officials, with both sides expressing a shared desire to create a more equitable trade relationship that benefits both economies.
The discussions, which took place in Pretoria, were part of a broader effort to address the trade imbalance that has historically favoured China. South Africa, like many other African nations, has long exported raw materials to China while importing manufactured goods, leading to a trade deficit. Both countries acknowledged the need to rectify this imbalance by promoting more diversified and value-added trade.
Chinese Foreign Minister Wang Yi, who led the Chinese delegation, emphasized the importance of a balanced trade relationship in fostering sustainable economic growth. The two countries also agreed to explore new areas of cooperation, particularly in the fields of renewable energy, technology, and infrastructure development. China, which has already invested heavily in South African infrastructure projects, expressed interest in expanding its footprint in these sectors, aligning with South Africa’s goals of modernizing its economy and reducing its carbon footprint.
In addition to trade and investment, the meeting also covered broader economic cooperation within the framework of BRICS, the bloc of emerging economies that includes Brazil, Russia, India, China, and South Africa. Both nations underscored the importance of BRICS in promoting a multipolar world order and enhancing South-South cooperation.
The renewed focus on balanced trade and increased investment comes as South Africa seeks to diversify its economy and reduce its reliance on raw material exports. For China, the partnership with South Africa is part of its broader strategy to deepen economic ties with Africa, a key region in China’s Belt and Road Initiative.