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South Africa:Trade linkages necessary to exploit full trade potential |
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2004-10-9
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A call for growing need to promote intra-Africa trade through developing functional trade linkages critical in the continent''s drive towards economic integration was given by the Ugandan President Yoweri Museveni during a three-day state visit to Zimbabwe.
Trade among African countries is still far too low and the UN Economic Commission for Africa (ECA) said it accounts for only about 10 percent of their total exports and imports.
Here are still evident with most African countries still preferring to trade with the United States, Britain, Germany, Japan and others in the European Union and Australia in particular.
High-level talks between Uganda and Zimbabwe on trade and investment are likely to pave way for the tapping of business opportunities between the two countries.
Ugandan businessmen can tap opportunities that exist in Zimbabwe''s textile, tobacco, mining and tourism sector while the east African country''s textile, coffee and tourism sectors offer immense opportunities to local entrepreneurs.
Uganda boasts of the Apparels Tri-Star Garment Factory, which employs more than 2,500 people and makes clothes for the local andexport markets, offering Africa a new dynamic in the textile sector, which does not only export raw materials, but finished products as well.
Africa has a great potential to increase intra-continental trade and create more economic opportunities.
Harmonization of customs procedures, reducing tariffs and non-tariff barriers, improving transport and communication links through investment in regional infrastructure were among the other itmes on the agenda for discussion between the two countries.
Meanwhile, Africa''s share of world exports fell from 6.3 percent in 1980 to 2.5 percent in 2000 according to the United Nations Conference on Trade and Development.
Economies in Africa grew by an average 3.6 percent in 2003, a level, which is still far below the goals set in 2000 in the Millennium Development Goals.
Growth exceeded 5 percent in 17 African countries against 11 in 2002, while seven countries recorded a negative growth last year.
Economists say increased intra-Africa trade, debt reduction and the reforming of the world trade rules to meet the interests of exporting African countries can help African economies to grow.
They say African countries should strive to export finished goods and press for equal access to world markets.
Africa should build mutually beneficial trade linkages and realize its own EU-style economic integration through increased intra-continental trade. |
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