Namibia, China to discuss free trade agreement

Visiting Namibian President Sam Nujoma said Tuesday in Beijing that five members of the Southern African Customs Union (SACU) including Namibia are to negotiate with China for a free trade agreement in a bid to facilitate their commodity and service trade.

Addressing a seminar on China-Namibia economic ties and trade, Nujoma, on a 10-day working visit to China at the invitation of Chinese President Hu Jintao, said that Namibia boasts abundant natural resources and strategic geographic location, and enjoys preferential treatment for entrance into the European Union market.These provide excellent opportunities for Namibia-China cooperation in such fields as fishing, mining, tourism, and manufacturing industry.

Nujoma said the Namibian government encourages Chinese companies to explore and develop cooperative projects in the country in high-value added fields such as food processing, mine refining, cement producing, medicine, furniture and garment manufacturing.

Yu Ping, vice chairman of the China Council for the Promotion of International Trade (CCPIT) and vice-president of the China Chamber of International Commerce (CCOIC), also said at the seminar there exist great potentials for China and Namibia to develop bilateral trade and investment.

Yu said Chinese businesses investing in Namibia will help bringto the country China's expertise and experience in establishing and running export-oriented processing zones, special economic zones and infrastructures.

The Chinese government encourages Chinese companies to "go global" by investing in foreign countries. In newly-released guidelines for Chinese enterprises investing overseas, the Chinesegovernment lists southern African countries as having compatible economic structures with China, he said.

Trade volume between the two countries in 2003 amounted to 74.57 million US dollars, up 52 percent from 2002.

The Southern African Customs Union (SACU) was established in December 1969, with South Africa, Botswana, Namibia, Lesotho and Swaziland as members.

Source: Xinhua