Growing Trade in Africa

africaThe key to growing Africa’s economy is with trade. Africa has a need for many materials from overseas, including heavy machinery shipping.

Amina Mohamed, a popular international diplomat, has recently spoken about this very issue. She outlined the benefits and ways that Africa can achieve trade success. Some of her suggestions included an expansion of a free trade area in Africa to attract potential trade partners. She also said businesses in Africa should seek new partnerships and businesses abroad that look to the growing markets in Africa. To achieve more trade, Mohamed recommenced that leaders in Africa make a few alterations to domestic and foreign policies. She said that they should change domestic economic laws so that they can expand trade. This also includes diversifying investments and enhancing supply chains. Meanwhile, nations might invest in different industries in important infrastructure upgrades in Africa, which will lure in interested trade parties. It will cost about $10 billion over the next decade for Africa to improve infrastructure. In June, leaders in the continent will travel to South Africa to discuss these items and more at a summit.

The current free trade agreements in the region result from the African Free Trade Zone, which was signed in 2008 and expanded to include other partner nations in 2012. The purpose of the African Free Trade Zone is for growing inter-regional trade.

Interested businesses that want to ship to Africa should speak to an experienced freight forwarder. They will provide you with a great ocean freight shipping rate.

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