The World Trade Organisation, WTO, revealed that Increasing regional trade integration could promote both overall economic performance and integration into the global market beyond commodities trade by 29 % in 2035.
The WTO disclosed this in its World Trade Report 2023, viewed by Nairametrics on Tuesday, titled “Re-globalization for a secure, inclusive and sustainable future”
Director-General, Nigeria’s Dr Okonjo-Iweala noted that Re-globalization offers a better path forward. Bringing more countries and communities from the margins of the global economy to the mainstream would make for deeper, more diversified markets that are more resilient to shocks
AFCFTA
The report revealed that for Africa, increasing regional trade integration could promote both overall economic performance and integration into the global market beyond commodities trade.
Stephen Karingi, Director, of Regional Integration and Trade, United Nations Economic Commission for Africa (UNECA) and Melaku Desta, Coordinator of the African Trade Policy Centre added that Africa has engaged with the multilateral trading system, but the continent has struggled to see the full benefits of globalization.
They added globalization has never been the problem citing that the problem has been with the terms, ideological foundations and operational tools on which the edifice of globalization is built, saying Africa must place certain considerations, which are:
They also called for a revamped multilateral trading system underpinning re-globalization efforts needs to place development and sustainability at its core which Africa can pursue its development objectives in tandem with its environmental objectives thanks to its unique endowment in minerals critical to the green transition, such as its vast reserves of cobalt, lithium, nickel, and other commodities.
Dr. Ngozi Okonjo Iweala, the WTO DG noted that Re-globalization offers a better path forward. Bringing more countries and communities from the margins of the global economy to the mainstream would make for deeper, more diversified markets that are more resilient to shocks.
She also added that Re-globalization must also address longstanding issues on the WTO agenda, particularly agriculture, which accounts for a large share of employment in many members.
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