Former Deputy Director-General and Chief Trade Negotiator at Nigerian Office for Trade Negotiations, Dr Yonov Fred Agah, has called on leaders of African countries to prioritize trade and technology as they are major contributors to development.
According to him, finding trade opportunities, available markets, products and services will help investors pump monies into the right projects to grow their local economies.
Speaking at the 30th Afreximbank Annual Meeting in Accra on Tuesday, June 20, 2023, he entreated leaders to leverage science and technology to boost trading activities on the continent.
Dr Agah said, “Trade, technology and finance are all seen as levers of development. However, how do you make trade, finance and technology work for you? So my thinking is that African countries look for what trade opportunities are available, where are the markets, what are the products, what are the services, and what technologies will give you competitiveness; whether it is price or quality, then you source money to invest.”
“The challenge for us is to have a vision of where we want to be and the way we can use science and technology to support it… because that is where any foreign exchange, creating jobs, growing our economies should be focused,” he stated.
Touching on intra-Africa trade, he said there was nothing like a free market.
The trade negotiator explained that all markets are regulated by rules, therefore, there is prudent for traders to abide by them.
“When we speak of free markets, there is nothing like free market anywhere in the world. We are talking about markets with rules. If we go to our big brother, you can’t even design a product and use it,” he said.
Dr Agah added that “You need a permit, you need who to send it to. All these are regulated. Government from a trade policy point of view needs to determine which sectors will be best for development or for economic growth. Then, whatever technologies you now use including AI need to be regulated.”
Meanwhile, the implementation of the African Continental Free Trade Area (AfCFTA) is to promote intra-Africa trade.
This will help African economies build robust and more resilient economies to absorb any shock – internally or externally.
Source: www.ghanaweb.com