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Sunday, 22 October 2017

Council of the EU and European Council

July 24: Economic and Financial Affairs Council

July 26: Coreper II

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There is a long held debate about the volume of intra-African trade. Some say it is 10 per cent, others say it is underestimated because it could be more than that, and put it at 12 per cent. It is about 3 per cent of global trade. According to the African Trade Policy Centre (ATPC) of the United Nations Economic Commission for Africa (UNECA), global trade (in current prices) increased from $13 trillion in 2000 to an estimated $30 trillion in 2010, but Africa’s share in world trade has been in decline since 1980 and currently stands at about three per cent. According to the 2010 International Trade Statistics of the World Trade Organization compared to other regions, intra-African trade is low.

At a seminar organized by the South African BRICS Think Tanks (SABTT) and Institute for Global Dialogue (IGD), experts explored BRICS in the changing global dynamics. Ashraf Patel, researcher at SABTT, said the Bretton Woods institutions and their subsidiaries on the continent have pillaged African countries without benefiting them for over 50 years. While the New Development Bank (NDB) can copy policy development and knowledge from Bretton Woods Institutions, it should change the method of operation, said Patel.

Kerala is seeking to collaborate with supplier countries in Africa to avoid the role of middlemen in procuring raw cashew nuts for the hundreds of processing factories based here. It is hosting a two-day conclave on 'Cashew trade for common good' in association with the Ministry of External Affairs (MEA) involving diplomats from the African countries. AFRICAN REPRESENTATION Among the African nations being represented are Madagascar, Kenya, Mozambique, Tanzania, Gambia, Togo, and Mali.

For the 50th anniversary of the creation of the Organisation of African Unity (now the AU), African leaders adopted the Agenda 2063: The Africa We Want - a vision for a prosperous Africa based on inclusive growth and sustainable development. One of the defining features of this agenda is the structural transformation of African economies towards achieving shared growth, decent jobs and economic opportunities for all. So far, the structural transformation that shifts productive resources from agriculture and mining to manufacturing - which has helped many countries achieve greater prosperity - has bypassed most African countries. According to a recent International Monetary Fund report, the limited structural transformation in Africa has not translated into more jobs because the manufacturing sector itself requires extensive reform.

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