Hansen: Africa needs political will to boost trade integration
Unlike the 30 per cent trading amongst European Union countries. Africa only trades about three per cent, which according to Johnny Hansen, a Credit Committee Member at Africa Global Trade Finance shows the need to integrate further. In a chat with CNBC Africa at the Afreximbank Trade Finance Seminar in Windhoek Namibia, Hansen stresses the need for more political will to boost intra-African trade.
Thu, 07 Nov 2024 14:55:24 GMT
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AI Generated Summary
- The contrast between Africa's three per cent intra-regional trade and the European Union's 30 per cent highlights the significant gap in trade integration on the continent
- Hansen's emphasis on the importance of political commitment underscores the need for collective action and collaboration among African nations to enhance intra-African trade
- Prioritizing intra-African trade can serve as a catalyst for sustainable development, economic growth, and regional cooperation, unlocking new opportunities for growth and competitiveness
In a recent interview with CNBC Africa at the Afreximbank Trade Finance Seminar in Windhoek, Namibia, Johnny Hansen, a Credit Committee Member at Africa Global Trade Finance, highlighted the pressing need for increased political will to boost trade integration within Africa. Hansen emphasized the stark contrast between Africa's current trading levels and that of the European Union, where intra-trade stands at about 30 per cent. In comparison, Africa only trades about three per cent amongst its own countries, indicating a significant gap that needs to be addressed. The lack of intra-regional trade within Africa has been a persistent challenge, hampering economic growth and development across the continent. Hansen's call for enhanced political commitment to foster trade integration underscores the importance of collective action and collaboration among African nations. As the continent seeks to harness its economic potential and create opportunities for shared prosperity, prioritizing intra-African trade can serve as a catalyst for sustainable development and regional cooperation. By fostering a conducive environment for trade and investment, African countries can unlock new avenues for growth and enhance their competitiveness in the global market. The urgency of promoting intra-African trade has never been more critical, requiring a concerted effort from policymakers, businesses, and stakeholders to drive sustainable economic transformation and inclusive development.
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