By Chika Otuchikere
The President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has called on economies of the South to work together to address the uncertainties resulting from the current global trade environment.
Oramah made the call during a discussion on “The Growing Importance of South-South Cooperation amid Trade Tensions and Global Financial Market Volatility” on the sidelines of the 2018 International Monetary Fund and World Bank Group Annual Meetings in Bali, Indonesia.
He pointed out that the rising sentiment of anti-globalism and the push back on multilateralism by some global powers has put Africa at the periphery with only three per cent global trade.
According to him, many South economies were in the same situation, but the economies of the South had all the ingredients to drive economic growth.
The bank’s president, therefore, urged the developing economies to work together so as to negotiate in concert at the global level.
Oramah disclosed that Afreximbank was building partnerships and developing frameworks to attract South-South investment and trade into Africa as trade with the South had become dominant in Africa.
According to him, Africa-South trade has reached 56 per cent of the continent’s total trade as against the former figure of about 16 per cent in the early 1990s.