INTRA-AFRICAN TRADE TO RELY ON GLOBAL VALUE CHAIN
THE promotion of intra-African trade will enable Africa to reduce over-reliance on export of primary commodities and the risks of reliance on global value chains.
It would also help increase economic integration and build the resilience of African economies against the vagaries of a global economy subject to fluctuations.
This is according to a statement issued by African Sub-Sovereign Government.
They admitted that there would be great value added by local enterprises in local and regional economic development.
The conference noted that the SubSovereign economies have opportunities that can contribute towards trade across African regions.
They welcomed the establishment of the African Continental Free Trade Area as a platform for promoting and enhancing intra-African trade and investment.
“We see it as an opportunity for stakeholders like Sub-Sovereign governments to contribute to growing intra-African trade and investment.
“The Conference saw this as key to achieving the objectives of the African Union (AU) Agenda 2063,” it stated.
The Conference noted with concern about the small size and slow growth of intra-African trade as well as barriers that account for this limitation.
“Intra-African trade and investment still account for a fraction of the total African trade with the world despite decades of pursuing continental and regional economic integration,” it indicated.
The Conference noted and appreciated the support that is provided by the African Export-Import Bank (Afreximbank) through various other products and initiatives to facilitate intra-African trade which include financing, capacity building, export and investment promotion, linkages and partnership, digital solutions.