business / news / / The Associated Press
China and South Africa sign a framework agreement for a new trade deal.
China and South Africa signed a framework trade agreement to begin negotiations on a bilateral deal.
KEY POINTS
- The agreement aims to give South African goods, like fruit, duty-free access to China's market.
- China will gain enhanced investment opportunities in South Africa, especially as its car sales grow rapidly.
- The U.S. has imposed 30% tariffs on some South African goods and barred it from G20 meetings in 2024.
- Chinese car brands rose from 2.8% to up to 15% South African market share between 2020 and 2023.
COMPANIES
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