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Afreximbank Urges Economic Cooperation to Counter Trade Uncertainties

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  • Afreximbank Urges Economic Cooperation to Counter Trade Uncertainties

    The African Export-Import Bank (Afreximbank), has called for greater cooperation among South economies to deal with the uncertainties resulting from the current global trade environment.

    Prof. Benedict Oramah, the President of Afreximbank, made this call yesterday, on the sidelines of the ongoing 2018 International Monetary Fund (IMF), and World Bank Group Annual Meetings, in Bali, Indonesia.

    Speaking during a Panel discussion on, "The Growing Importance of South-South Cooperation Amid Trade Tensions and Global Financial Market Volatility," he said the rising sentiment of anti-globalism and the push back on multilateralism by the some global powers had put Africa at the periphery, with only three per cent global trade.

    Oramah noted that many South economies were in the same situation, adding that with the largest and youngest population and the fastest growing middle class, the economies of the South had all the ingredients to drive economic growth.

    As a result, he said developing economies must work together to negotiate in concert at the global level.

    In this regard, Oramah disclosed that Afreximbank is building partnerships and developing frameworks that will attract South-South investment and trade into Africa, as trade with the South has become dominant in the continent.

    According to him, Africa-South trade has reached 56 per cent of the continent's total trade against 16 per cent in the early 1990s.