Bolivia has officially signed a new trade deal with China that allows it to export raw bovine hides to the Asian powerhouse. The announcement was made by Bolivia’s Ministry of Foreign Affairs this Sunday.
The agreement was signed by Bolivia’s Foreign Minister Celinda Sosa and Sun Meijun, Minister of China’s General Administration of Customs. The signing took place during the fourth meeting of the CELAC-China Forum.
This new deal is the result of coordinated efforts between Bolivia’s Ministry of Foreign Affairs, the Ministry of Rural Development and Lands, and the National Service of Agricultural Health and Food Safety (Senasag), along with exporters in the leather sector.
“This action is part of the efforts to strengthen commercial relations between both countries. Bolivia has shown technical capacity and strict compliance with China’s standards”
Celinda Sosa, Minister of Foreign Affairs, Bolivia
Currently, Bolivia exports around 22,000 tons of bovine hides annually, both raw and tanned, with a market value of about $12.51 million.
China’s annual demand, however, is much higher around 1.8 million tons. This opens up a major opportunity for Bolivia to boost its leather exports significantly.
With this new agreement, China is now open to importing raw hides from Bolivia in addition to the tanned leather it already receives.
Officials say this agreement is a major win for Bolivia’s export sector and shows the government’s commitment to opening new markets and supporting local producers.
