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Liberalization of African economies will spur growth: AU envoys

Xinhua, July 12, 2016 Adjust font size:

African economies need to lessen regulations and restrictions of markets in order to allow intra-Africa trade and induce greater structural change of the continent, say participants at the ongoing 27th African Union (AU) summit in Rwanda's Capital, Kigali.

The high level meeting that runs from July 10th -18th is under the theme; "2016: African Year of Human Rights, with particular focus on the Rights of Women".

Speaking at 32nd ordinary session of the Permanent Representatives Committee (PRC), Cherif Mahamat Zene, Chad's ambassador to Ethiopia and permanent representative to the AU said that economic liberalization of Africa will boost exports and imports across the continent.

"We want to see liberalized African economies because they have the potential to change the economic geography of the region. Low intra-African trade and limited integration pose a serious challenge to boosting the global competitiveness of African economies," he added.

Zene stated that the continent needs to accelerate efforts towards continental integration, boost intra-African trade and improve connectivity through infrastructure development.

The summit opened with a session of the permanent representative committee for the African Union, which features ambassadors of the 54 member states and AU officials.

According to Hope Tumukunde, Rwanda's ambassador to Ethiopia and permanent representative to the AU, the development of infrastructure and connectivity between the different African countries is key to continent's integration efforts to facilitate people to people relations and to facilitate intra-African trade.

"Restricted economies is one of the key factors hindering the successful integration of the African continent into the global trading system due to high trade costs. Liberalization result in increased aggregate regional demand which in turn would lead to higher industrial production in the region," she said.

Sebade Toga, Togo's ambassador extraordinary and plenipotentiary to Ethiopia and permanent representative to the AU echoed Tumukunde's words of removing restrictions to regional trade.

"We want our leaders to address the issue of restricted economies in Africa. Many initiatives to enhance Africa integration and trade have been taken into consideration but not followed through," he added.

The PRC session is expected to come up with an agenda for the summit that will be tabled before the executive council scheduled to take place beginning Wednesday.

During the summit, the AU is expected to launch the AU Passport, a flagship project of Africa's Agenda 2063 with the view to facilitate free movement of persons, goods and services around the continent in order to foster intra-Africa trade, integration and socio-economic development.

Agenda 2063 is a strategic framework for the socio-economic transformation of the continent over the next 50 years. Endit