Management Consultant and Lecturer at the University of Ghana Business School, Philip Kobina, has called on all African countries to adopt and apply the Rules of Origin in “boosting Intra African trade”.
He made these assertions at the launch of the 2019 Economic Development in Africa report at the United Nations Information Centre in Accra.
The report was launched by the United Nations Conference on Trade and Development, UNCTAD with the theme, Made in Africa; Rules of Origin for Enhanced Intra-African Trade.
The report revealed that trade among African countries was only about 15 percent with over 80 percent of supplies exported to Europe, Asia and other markets. Hence the need to adopt and the rules of origin.
“The Rules of Origin is the criteria needed to determine the nationality of a product and this could make or break the African Continental Free Trade Area that entered into force in May, the report mentioned.
Additionally, Intra African trade can be improved should the continent move from just producing primarily for consumption to intensifying African economies to focus on manufacturing and deepening relationship among themselves.
The report which is launched annually by UNCTAD since 2000 focuses on major aspects of development in Africa and recommend policies to overcome the challenges.
2018’s report focused on Migration with 2019 focusing on trade with the theme MADE IN AFRICA, RULES OF ORIGIN FOR ENHANCED INTRA AFRICAN TRADE.
The 2019 Report further highlights challenges such as weak productive capacities and high Intra economic tariffs as key areas that ought to be addressed to improve trade on the continent.
‘This year’s report is both timely and relevant’ says Mr. Philip as its in the middle of the discussion on the African Continental Free Trade Area (AfCFTA) agreement.
Credit: Sussana Mensah|universnewsroom.com