How EU-Africa partnership is unlocking sustainable trade in Africa
Sustainable trade refers to the exchange of goods and services that generates social, economic, and environmental value that agrees with the basic principles of sustainable development. The principles of sustainable development are:
- Firstly, the reduction of poverty and inequality
- Secondly, Preserving and reusing resources from the environment.
- Thirdly, is the Creation of economic values.
THE EU- AFRICA PARTNERSHIP
The partnership between the EU and Africa is one that strives to bring the two continents together by empowering the economic corporation and promoting sustainable development. Through the partnership, both continents are expected to co-exist in peace and work together on a long-term strategy to develop a shared vision for the EU- Africa partnership in a global world.
BENEFITS OF THE EU-AFRICA PARTNERSHIP.
A growing trade partnership between Africa and the European Union will need the modernization of some trade routes. The modernization of these routes will earn these two continents some great dividends. The conflict happening in Ukraine shows that there is a need for the continents to come together to enable a stable supply of resources in the future.
Also by investing in the digital corridor, there will be an addition to the achievements of the physical corridors and this will enhance the intra-African and Africa-Europe trade. In Kenya’s European flower trade, a pilot testing of the Trade Logistics Information Pipeline (TLIP) was made and that resulted in the electronic exchange of an important trade Information.
This minimised the cost of delays and errors that would have been encountered by players in the value chain.
Again through this partnership, African countries could tap from the experiences, skills, and knowledge of these European countries. The EU has a lot of knowledge when it comes to regional and economic integration and that is very useful to African countries. By gaining knowledge from the EU, the African countries can catalyze that to make major economic gains.
Last but not least, the Africa Free Continental Trade Area that has been effective since 2021, will assist in the development and modernization of African trade infrastructure and its systems. Through this, many African nations will benefit in a stable trade environment with global partners, such as the EU.
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