International trade generally promotes economic growth, alleviates poverty, and helps countries reach their development goals. It allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. However, in many developing countries, the lack of economic diversification, and dependence on limited export commodities and markets increase their international trade vulnerability. Nations that are vulnerable in the context of international trade are countries at high risk of being impacted by adverse economic and political conditions in their trade partner economies, increases in global competitiveness, and unfavourable changes in continental and global policies. To ameliorate the adverse effects of trade vulnerability, Sustainable Development Goal 17.11 targets a significant increase in the exports of developing countries.
Trade among countries on the African continent has long been limited as governments have often erected trade barriers to protect their markets from regional competition, making it more expensive for countries to trade with countries on other continents. According to the United Nations Conference on Trade and Development (UNCTAD), intra-continent exports were 16.6 percent of total exports from Africa in 2017, compared with 68.1 percent in Europe, 59.4 percent in Asia, 55.0 percent in America, and 7.0 percent in Oceania. The forgoing partly underscores the merit of institutionalising The African Continental Free Trade Area (AfCFTA) Agreement in 2019. The AfCFTA aims to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market. Read more...
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