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Tuesday, 28 May 2013

EU should forge closer trade ties with Africa

Pascal Lamy, the World Trade Organisation’s chief said in Nairobi on 22 May that leading European economies should look at developing and low income countries as the new globe’s economic growth engine.
The former European Union trade commission who is currently director-general of the WTO, has urged Europe to forge closer economic ties with its southern neighbours.
“Africa has also made remarkable progress in the area of political stability and governance, all of which are fundamental in enabling growth. Moreover, the peacefully conducted general elections in Kenya and a number of other African countries are a sign of maturity in political democracy in Africa,” he said.
Lamy said Africa was a natural economic partner, “on the European Union’s doorstep.”
The EU already is Africa’s biggest trading partner, accounting for about 35% of imports and exports, with China and the United States competing for second. The EU absorbs about 40% of Sub-Saharan Africa’s agricultural exports.

Source: Euractiv