ECOWAS worries over Africa’s 3 per cent share of global trade

Date:

http://www.imostateblog.com/wp-content/uploads/2012/05/ecow.pngThe ECOWAS Commission on Monday decried the “global trade imbalance against Africa” as the continent’s share of the global trade stood at a paltry 3 per cent.

Thank you for reading this post, don't forget to subscribe!

The Commissioner for Trade, Customs, Industry, Mines and Free Movement, Ahmed Hamid, made the remarks at the opening of a workshop on “Trade and Environment” in Abuja.

“The global trade increased from 13 trillion dollars in 2000 to an estimated 30 trillion dollars in 2010.

“Africa’s share in world trade has been declining since 1980 and currently stands at about three per cent.

“As such, African countries have not benefitted from the steady increase in the volume of international trade,” he said.

Hamid said the crucial role of trade flows and investments in growth and development was well recognised.

According to him, there is a strong and justifiable drive by African countries to expand their share of global trade.

Hamid was represented by Dr Gbenga Obideyi, Acting Director, Trade, ECOWAS Commission.

He said African countries were increasingly taking steps to address challenges that hampered intra-African trade with the objective of expanding trade flows.

According to him, there is need to address the challenges in the relationship between trade and other economic, social and environmental sectors.

He urged African countries to embrace environmentally sound production and distribution of commodities which could expand their domestic and international market access.

The Chief, Green Economy and Natural Resources Section, Special Initiatives Division, United Nations Economic Commission for Africa, Ms Isatou Gaye, said trade played a vital role in economic diversification of Africa.

According to her, trade is important in accessing and diffusion technologies and practices that can be deployed for enhancing the integrity and productivity of ecosystems.

“This is important to West African countries in which the well-being of the majority of the people and the prospects for sustained economic growth are intricately and inextricably linked to environmental sustainability.”

Representative of the United Nations Environment Programme (UNEP), Mr John Maughan, said that Africa currently had its share of global warming more than ever before.

Maughan urged African countries to be conscious of climate change by embracing environment-friendly industrialisation and engage only in trade that was “environmentally relevant”.

Mr Devin McDaniels, representing the World Trade Organisation (WTO) at the workshop, said WTO rules provided sufficient policy space for members to implement environmental protection measures.

The three-day workshop would enhance the knowledge and strengthen capacity of the ECOWAS Commission and its member states to generate, share information negotiate and formulate coherent trade and environment policies. (NAN)

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:

Subscribe

Popular

More like this
Related

Nigeria Sets Minimum Wage at $50 Per Month with Three-Year Review Cycle

After six months of intense negotiations, the federal government...

South Africa Introduces Five-Year Multiple Entry Visa for Nigerian Business Travelers

South Africa has launched a five-year multiple entry visa...

Nigeria’s Tinubu Sets New Minimum Wage at $43.015 Per Month

President Bola Tinubu has established a new minimum wage...

Nigeria targets 2.1 Million Barrels Per Day by December 2024

The federal government has set an ambitious goal to...
× How can I help you?