Plenty in pipeline for Corus

Oct 21 2008 by Sue Scott, Evening Gazette

China's impact

CHINA’S growing influence in Africa is providing hot competition to Tees Valley.

On the back of an oil and infrastructure boom, bilateral trade between China and Africa rose from $10bn in 2000 to $70bn in 2007, making China Africa’s second largest trading partner.

With almost 300,000 Chinese people living in South Africa in 2007, Africa is no longer Europe’s private hunting ground - which gave impetus to a series of tough EU trade negotiations with African leaders last year.

Brokered by former Hartlepool MP Peter Mandelson, right, in his capacity as the EU’s trade commissioner, Economic Partnership Agreements (EPAs) with African countries offer preferential market access and were designed to liberalise trade and investment between Europe and Africa.

Critics said the agreements could flood the continent with cheap EU goods, stunting the growth of indigenous businesses and reducing manufacturing exports to the EU.