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Africa Seeks Economic Integration With World, While Promoting Intra-African Trade: AU Commissioner
Africa Seeks Economic Integration With World, While Promoting Intra-African Trade: AU Commissioner
Sputnik Africa
African nations should leverage opportunities outside of Africa, while strengthening intra-African trade to increase resilience to external shocks, AU... 15.02.2025, Sputnik Africa
2025-02-15T16:57+0100
2025-02-15T16:57+0100
2025-02-17T16:33+0100
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Africa seeks economic integration with the world while promoting intra-African trade, the African Union (AU) Commissioner for Economic Development and Trade, Albert Muchanga, said.The AU official emphasized the importance of interdependence rather than isolation, advocating for partnerships both within Africa and globally.At the same time, reforms in global financial architecture are also necessary, as Africa is advocating for greater inclusion of developing countries in decision-making processes, the AU commissioner added.However, while Africa should continue engaging with the global economy, it must also strengthen its internal trade systems to overcome the instability of international trade. By promoting intra-African trade, standardizing market practices, and fostering regional integration, Africa can create a more self-reliant and resilient economy capable of withstanding external disruptions, Muchanga pointed out.Financial nationalism, according to him, should be recognized, but the focus should still remain on collective sovereignty and building a continental economy to raise living standards.The African Continental Free Trade Area (AfCFTA) is a key initiative for boosting intra-African trade, creating a market of 1.5 billion people, Muchanga said, adding that efforts are underway to transform the AfCFTA into a customs union with a common external tariff to attract investment and generate opportunities.Finally, Muchanga added that partnerships with African financial institutions like the African Development Bank and the African Export-Import Bank are crucial to driving economic transformation.
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Africa Seeks Economic Integration With World, While Promoting Intra-African Trade: AU Commissioner
16:57 15.02.2025 (Updated: 16:33 17.02.2025) Elizaveta Roschina
Writer/Editor
African nations should leverage opportunities outside of Africa, while strengthening intra-African trade to increase resilience to external shocks, AU commissioner for Economic Development and Trade noted.
Africa seeks economic integration with the world while promoting
intra-African trade, the African Union (AU) Commissioner for Economic Development and Trade, Albert Muchanga, said.
"We are committed to international cooperation and autonomy. We go there with our interests. We negotiate with the parties. […] Africa is growing, and we have to grow more. We have to integrate, and we will continue engaging with the rest of the world on the basis of mutual benefit," Muchanga told a media briefing at the 38th AU Summit in Addis Ababa.
The AU official emphasized the importance of interdependence rather than isolation, advocating for partnerships both within Africa and globally.
"Living in isolation is virtually impossible. We have to relate to other countries. We have to relate to resources. We need it to add value. We need to import it into the economy. [...] It [regional trade] must not be something which should lead you into complete isolation. Because if you are going into complete isolation, you are removing yourself from the opportunities that lie outside. So, the trick is to identify those opportunities," he noted.
At the same time, reforms in global financial architecture are also necessary, as Africa is advocating for greater inclusion of developing countries in decision-making processes, the AU commissioner added.
However, while Africa should continue engaging with the global economy, it must also strengthen its internal trade systems to overcome the instability of international trade. By promoting intra-African trade, standardizing market practices, and fostering regional integration, Africa can create a more self-reliant and
resilient economy capable of withstanding external disruptions, Muchanga pointed out.
Financial nationalism, according to him, should be recognized, but the focus should still remain on collective sovereignty and building a continental economy to raise living standards.
"Africa should continue the program of international cooperation. I know that there is a disruption, a fragmentation of international trade. And that's why we are calling on the African communities and member states to strengthen the African commitment over the area by moving the market of the agents towards a customary way. So that, where there is market space, where we can promote inter-African trade and be resilient from external shocks," he explained.
The African Continental Free Trade Area (AfCFTA) is a key initiative for boosting intra-African trade, creating a market of 1.5 billion people, Muchanga said, adding that efforts are underway to transform the AfCFTA into a customs union with a common external tariff to attract investment and generate opportunities.
Finally, Muchanga added that partnerships with African financial institutions like the African Development Bank and the African Export-Import Bank are crucial to driving economic transformation.
