WTO's Yonov Fred Agah on boosting intra-African trade
Despite boasting of 14 trade blocs designed to facilitate cross-border trade, Africa's Intra regional trade is still below par at less than 17 per cent. With the persistent global economic headwinds, policy makers are banking.
Mon, 08 May 2017 11:26:17 GMT
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AI Generated Summary
- The longstanding efforts to promote intra-African trade dating back to the 1970s have led to the establishment of various regional integration communities and agreements.
- Implementation of sound policy frameworks in key sectors such as agriculture, transportation, and trade support infrastructure is crucial for unlocking the trade potential within sub-regions and across the continent.
- Amidst global economic headwinds and the rise of anti-globalization sentiments, policymakers need to engage in honest conversations and focus on resolving trade challenges based on mutual interests and existing commitments.
Africa's intra-regional trade is lagging behind global standards at less than 17%, despite the presence of 14 trade blocs aimed to fast-track cross-border trade. Policymakers are increasingly looking towards intra-African trade to drive economic growth on the continent, as highlighted by Yonov Fred Agah, the Deputy Director General at the World Trade Organization (WTO). Agah emphasizes the long-standing efforts to promote intra-African trade, dating back to the 1970s when African countries embraced regional integration. Various regional integration communities and agreements such as the Lagos Plan of Action and the African Economic Community have paved the way towards the establishment of a continental free trade area. Agah underscores the importance of implementing sound policy frameworks in key sectors like agriculture, transportation, and trade support infrastructure. By enhancing trade facilitation, services, and regional integration, African states can unlock significant trade potential within sub-regions and across the continent. However, amidst these efforts, the rise of global disruptors like President Donald Trump, who advocate for anti-globalization policies, poses challenges. Agah stresses that the WTO functions as an organization of member governments committed to upholding rules and obligations under various trade agreements. While acknowledging the concerns raised by certain members like the US, Agah underscores the importance of mutual engagement to resolve issues in the collective interest of all parties involved. Despite the evolving global landscape with events like Brexit and potential changes in regional bloc dynamics, regional integration remains a pivotal tool for trade development. Agah points out that countries and regions may adopt different approaches to trade development, whether through multilateral, bilateral, or regional frameworks. These approaches are complementary and can reinforce each other based on the specific economic and political context of the countries involved. Agah highlights the significance of honest conversations among policymakers to address trade challenges effectively, transcending political sentiments and focusing on domestic policy frameworks to drive sustainable growth.
