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SA, China sign Beijing Declaration

25 August 2010

South African President Jacob Zuma and Chinese President Hu Jintao signed the Beijing Declaration, outlining 38 cooperation agreements, following one-hour talks in the Great Hall of the People in Beijing on Tuesday.

And on the same day, Chinese and South African companies signed more than a dozen agreements covering investments in railways, power transmission, construction, mining, insurance, telecoms and nuclear power.

Zuma is being accompanied on his trip by over 370 representatives from the business community, the largest ever contingent from South Africa to visit China.

New 'comprehensive strategic partnership'

The agreements set out in the Beijing Declaration range from political dialogue, trade, investment, mineral exploration and agriculture to joint efforts in the global arena, such as in the United Nations and the Forum on China-Africa Cooperation.

According to the declaration, the two countries expressed the desire to further strengthen and deepen cooperation in both political and regional affairs by establishing a comprehensive strategic partnership based on equality, mutual benefit and common development.

The declaration says an annual strategic dialogue between China's Ministry of Foreign Affairs and South Africa's Department of International Relations and Co-operation will be held.

The two countries agreed to improve the current structure of trade between them, in particular by working towards more balanced trade profiles and encouraging trade in manufactured value-added products.

Improving the trade balance

Trade and investment missions are to be increased, and a joint work group set up to study bilateral trade discrepancies.

"China, in this spirit, will encourage its enterprises to increase investment in South Africa's manufacturing industry and promote the creation of value-adding activities in close proximity to the source of raw materials," the declaration reads.

Both sides agreed to provide mutual technical support in the areas of the "green" economy, skills development and industrial financing.

Companies from both countries would be encouraged to explore co-operative opportunities in infrastructure construction projects, such as roads, railways, ports, power generation, airports and housing.

The two governments would also create conditions supportive of co-operation between Chinese and South African energy companies, while also considering third-party involvement in energy, electricity, nuclear energy, energy efficiency and energy infrastructure projects.

Source: BuaNews-Xinhua