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Africa’s trade

in Markets, World Briefs

WTO Members to Adopt Pact to Help Small Economies Integrate into Global Trade System

Ahead of its historic meeting in Kenya this week, members of the World Trade Organization General Council decided on a pact aimed at addressing trade-related challenges faced by small vulnerable economies.

The agreement, which will be adopted by members during the WTO 10th Ministerial Conference in Nairobi this week, calls for integration of small vulnerable economies or least developed countries into the multilateral trading system. The draft proposal was presented last month by Committee on Trade and Development, a special committee of the organization assigned to review proposals submitted by members on a course of actions regarding trade issues.

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in Columns/OP-ED

Unlocking Africa’s Trade Potential

Africa’s rise challenges the imagination. During the last decade, Sub-Saharan Africa was home to six of the world’s ten fastest-growing economies. During the next five years, the region’s GDP is expected to grow 30% faster than that of the rest of the world. And, during the next 35 years, the continent will account for more than half of the world’s population growth, according to the United Nations. Earlier this summer, the US Congress, recognizing these gains and underscoring the strength of America’s commitment to Africa, overwhelmingly approved legislation to reauthorize AGOA for another ten years. Even as we consider how to make the most of AGOA’s historic renewal, we need to look beyond 2025 and imagine what a deeper, more mature economic partnership might entail.

As President Obama made clear at the US-Africa Leaders’ Summit in Washington, DC, a year ago, the US is not new to Africa. We have been engaged in Africa for decades, not as a colonial power, but as a partner. And that partnership is based not on extracting resources from the region, but on unlocking growth for all. As representatives from across Africa gather in Libreville, Gabon, this week for this year’s AGOA Forum, we have an opportunity and an obligation to take that partnership to the next level.

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