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Friday, 08 July 2011

Africa’s biggest market lies within

Global demand for African oil and precious metals has fuelled a continental surge in exports, helping some of the world’s poorest countries rebound from the 2009 economic shock. African countries also stand to benefit from trade deals with donors and development agencies. Seeking to boost "south-south" trade, the Asian Development Bank (ADB) and its African counterpart, the AfDB, launched a programme Jun. 27 to provide investment loan guarantees to nations that are locked out of international financial markets. The arrangement comes on the heels of recent commitments by the European Union to strengthen its approach to reducing poverty in Africa, including more development aid and efforts to diversify trade beyond the minerals, petroleum and a handful of agricultural products that account for the bulk of African exports. But such efforts could undercut development of what may be Africa’s most important market - Africa.

Source: IPS News