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UNCTAD XII Leaders Call for South-South Trade

By Daily Guide
Tue, 22 Apr 2008 | Print | E-Mail | PDF | Graphics Version
Business/Finance

World leaders attending the 12th United Nations Conference on Trade and Development (UNCTAD) have called for further expansion of the South-South Trade among African countries- a shift which they believe will enhance and deepen future trade and development on the continent.

Leading the cause for the call, Luis Inacio Lula da Silva, President of Brazil called for the adoption of a new trade regime such as the South-South cooperation by the continent, which will push its quest to develop rapidly through trade and investment.

“We are willing to share the knowledge acquired with our colleagues.

The Brazilian episode could also be replicated in Africa”, he explained at the second day of the UNCTAD XII conference on the topic: “Trade and Development for Africa’s Prosperity- Action Plan”.

The conference is being attended by over 150 world leaders.
India and China, as well as other countries located in the south are regarded as one of the biggest trading partners with Africa and have recently increased their support in aid and technology transfer to the continent.

Mr. Lula da Silva said his country is ready to improve its partnership with Africa taking a cue from the last four years where Brazil’s trade with Africa has reached the $20 billion mark.

Brazil, considered as one of the powerhouses in trade together with India and China, has been developing a lot of relationship with Africa such as improvement in productive capacity.

“The production of biofuels is another area we are developing with Africa as an alternative source of energy.

In Brazil alone, the production of ethanol employs more than one million and we are willing to impart that to our fellow contemporaries”.

Ernest Bai Koroma, President of Sierra Leone on his part said trade is important to both micro and macro economy and thus the way forward is for Africa to prioritize domestic trade and encourage technology transfer as well.

“We must empower financial institutions to support the growth of small and medium scale enterprises (SMEs) since they are catalysts to every developing economy.”

Mr. Koroma emphasized that the timing of the meeting is right as it is taking place at the time global food prices and other commodities are rising at an alarming rate.

“In order to make meaningful progress, we must take bold steps and be prepared to be integrated into global trade.

We require bold strategies to diversify production and enhance investment drive since trade is the engine to growth and bedrock for development”.

He acknowledged the need for zero tolerance for corruption.
As would be expected of a European, President of Finland, Tarja Kaarina Halonen said the Economic Partnership Agreement (EPA), of which Ghana signed an interim agreement with the European Union in December, will further enhance trade relations with the continent, considered as the fastest growing in the world.

The agreement, which replaces the Cotonou one signed in 2000, presently allows 80 percent of some European goods into the Ghanaian market duty-free and quota-free while Ghana have 100 percent access to the EU market, except for sugar and rice.

Mrs. Halonen explained that the new EU-Africa strategy will further enhance the relations between the two bodies.

She noted that Africa has created signs for positive change so UNCTAD should support Africa’s quest to advance its socio-economic growth, adding that sports and communication technology are advancing Africa’s cause to be integrated into the global economy.

“There are more users of mobile phone in Ghana as well as numerous Africa professional footballers plying their trade in top class European leagues.

African governments must prioritize education, innovation and information communication technology and invest in them,” she reiterated.

“Our immediate objective is to eliminate poverty; that is why we have been committed to the Millennium Development Goals (MDGs)”.

From Charles Nixon Yeboah


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