By Fatima Saka
The book “Africa in the New Trade Environment: Market Access in Troubled Times” which was launched on Thursday, addresses the challenges facing the African market, and opportunities to those challenges in-turn policies that can effect changes to the ever-growing market.
According to Albert Zeufack, the Chief Economist at the World Bank and a co-editor of the book, ‘the press and participants’, said that the African Continental Free Trade Area (AfCFTA) should be a launchpad as it is the right platform to help Africa permeate in the new trade environment.
In addition, he said Africa’s exports were suffering as a result of no value and so the continent must look towards value added products. He also stated that; the supply capacity must be enhanced.
Chief Zeufack further calls on Africa to target Asian markets and focus on them since they are more viable for the continent in this new market environment.
The book “Africa in the New Trade Environment: Market Access in Troubled Times” discusses three challenges; the rising role of global value change, rising dominance of Asia in global value and trade and the proliferation of regional trade agreements (RTA).
“The opportunities look at Africa rising trade projects with Asia and rising trade prospects in Africa. The policies that have been offered to boost Africa’s trade in the globe are termed as the “the three-pronged one” and it provides Africa with the chance of cementing trade with traditional partners like the United States and the European Union. It also encourages strategically diversifying trade with Asia and looking inward to deepen regional integration,” he intimated.
Also the Minister for Trade and Industries, Alan Kyeremanteng stated that the book was a ground-breaking initiative as it speaks to the prioritization of trade and industry in the continent and offers new opportunities and policies for the new market environment.
Furthermore, he said that the AfCFTA had brought about unification and civilization of the continent market, “but to use the AfCFTA, the continent would have to go beyond creating just a free trade and move towards creating a customs union for the continent to enable the continent access the global market.”
He added, “A point I would like to focus on, which is reflected in the recommendations of the book is creating a unified and civil market for our continent which is we have been able to achieve with the AfCTA agreement, but we need to go beyond that if we want to use the a AfCTA agreement to increase our level of trading globally, we have to go beyond creating a free trade in just Africa. We have to go to the next step of creating a customs union for the continent because it is only when we get to the level of African being customs union that we can leverage our path in terms of accessing the global market.”
He also stressed that the trade agreement encourages the use of regional value chains which increase the level of intra African trade which can be capitalized to enhance trade in the global market.
“The process requires efforts to shoot up Africa’s export market access and diversify its market to new regions and new products”.
The book supports the African desire of strengthening intra trading but pushes the continent to go beyond just raw materials and merge its production and trade in the global economy in order for the continent to take advantage of the unlimited demand and innovation available in the supply chain.
