Africa, in the last Few years, has experienced a marked financial growth fueled by rising economies. South-South cooperation, as well as intra-African trade, has jump-started the continent’s development. This comes as the trade and industry center of gravity shifts from industrialized economies to large developing economies. Africa can only take benefits of the new economic landscape by addressing continental consistency, infrastructure development, and governance — both at national and cross border levels, to further the continent’s economic development.
By UNCTAD statistics, trade in supplies among Africa and developing countries has been on the upraise since the mid-90s. While it represent only $34 billion in 1995, trade rose to $97 billion in 2004, before surging to $283 billion in 2008. In the same year, trade between other developing countries and those in Africa exceeded the total volume of trade between Africa and its main trading partner, Europe, for the first time ever.Trade between Brazil and Africa, for example, quadrupled during the tenure of President Lula. Reputation at $6 billion in 2002 when he took office, trade between the Latin American country and the African continent has reached $26 billion in his final year in office. But while trade has increased, experts have encouraged Africa to take advantage of this new economic landscape to drive its economy.
No comments:
Post a Comment