ATPC DAILY DIGEST 12 OCTOBER 2020

DDG Wolff: Open markets essential to global economic recovery- Trade and trade policy are also playing direct roles in countries' responses to the pandemic.

Our new trade data shows that trade in personal protective equipment (PPE) recorded explosive growth, up 92% in the second quarter compared to the year before - 122% if we compare May of this year to May 2019. Trade has contributed to meeting skyrocketing demand for essential goods.

Early in the outbreak, a number of jurisdictions introduced export bans on medical products and even food. The WTO has been tracking COVID-related trade measures as part of our mandate to promote transparency in international trade.

Our monitoring efforts showed that the trade restrictions were quickly joined by measures to facilitate imports of key supplies. These included lowering tariffs and other taxes on such as PPE, sanitizers, disinfectants, medical equipment and medicines, as well as simplifying customs procedures and documentation requirements; establishing priority channels; and cooperating on customs and regulatory approval.

Of the several hundred COVID-specific measures compiled from February through the end of August, nearly two-thirds were trade facilitating.

Many of the early export bans have been repealed, particularly with respect to food as global supplies of cereals are strong. About 22% of all of the pandemic-related trade-restrictive measures implemented by G20 economies have been removed.

(WTO)

Key Words: Global Trade, COVID-19, WTO

Standards continue to grow as consumers focus on health, sustainability - Consumer preferences to buy healthier and more sustainably grown goods continues to underpin the steadily rising popularity of certified products such as soybeans, cocoa and bananas. More farmland than ever is being used to grow standard-compliant crops, according to the International Trade Centre’s (ITC) latest report on sustainable markets.
The State of Sustainable Markets 2020: Statistics and Emerging Trends presents the most recent data on area, production volume and producers for 14 major standard-setting organizations focusing on eight commodities and forestry. The report finds that the share of certified farmland of most of these crops is expanding and that this trend will probably continue – especially if emerging markets and producing countries get on board. While consumers are largely responsible for the growing popularity of certified products, ‘we should not depend on consumer sentiment alone’, noted Pamela Coke-Hamilton, ITC’s new Executive Director. ‘We must bring multinational buyers and policymakers to the table to explore how they can work together to scale the uptake of sustainability standards across more goods and countries.’ The report, published jointly with the Research Institute of Organic Agriculture and the International Institute for Sustainable Development and funded by the Swiss State Secretariat for Economic Affairs, is the fifth annual update on the status of sustainable markets. Voluntary standards are usually third party-assessed norms and requirements linked to environmental, social, ethical and food safety issues. (ITC)

Key Words: Global Trade, COVID-19, Global Economy

Eighth United Nations Conference on Competition and Consumer Protection – The UN Set on Competition is a multilateral agreement on competition policy that:

Provides a set of equitable rules for the control of anti-competitive practices.
Recognises the development dimension of competition law and policy.
Provides a framework for international operation and exchange of best practices.

Every five years, a Conference is held to review the UN Set on Competition. Following the revision of the United Nations Guidelines by the General Assembly in 2015, the Conference will, for the first time, also consider issues directly related to consumer protection. The Conference provides an occasion for members of Government, heads of competition and consumer protection authorities and senior officials from both developed and developing countries, including least developed countries and economies in transition, to establish direct contacts and promote voluntary cooperation and the exchange of best practices. It is the highest-level meeting on competition and consumer protection at the multilateral level and an opportunity for the global community to continue advancing the welfare of consumers in open markets, leaving no one behind. (UNCTAD)

Key Words: Global Trade, UNCTAD, Business

Unemployment Main Concern for Business Leaders but Climate is Moving Up List of Top Risks - Unemployment is the main concern for business executives globally, with fiscal crisis – the top concern in 2019 – coming third, according to the World Economic Forum’s interactive map on Regional Risks for Doing Business 2020. Infectious diseases progressed 28 spots and is the second most recurring risk, appearing in the top 10 in all regions except South Asia. Surveyed regions include East Asia and the Pacific, Eurasia, Europe, Latin America and the Caribbean, Middle East and North Africa, North America, South Asia, sub-Saharan Africa. The survey pulls 30 risks, including terrorist attacks, extreme weather events and state collapse or crisis. While the top risks are mostly related to economics, climate-related risks are causing greater concern this year, with natural catastrophes (up seven places), extreme weather events (up five), biodiversity loss and ecosystem collapse (up eight), and failure of climate-change adaptation (up two) featuring more prominently. Other significant changes include human-made environmental catastrophes (down six), failure of urban planning (down seven), and terrorist attacks (down nine). “The employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets. As we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and reimagine social safety nets to adequately meet the challenges in the labour markets of tomorrow”, says Saadia Zahidi, Managing Director at the World Economic Forum.“COVID-19 is distracting us from certain long-term risks that will be around long after the current crisis is resolved. But the pandemic is also having the positive effect of leading many to reassess priorities. This, I hope, will ensure that businesses advance their risk resilience strategies and result in decisive and impactful action to combat existential risks like climate change,” said Peter Giger, Group Chief Risk Officer, Zurich Insurance Group. (World Economic Forum)

Key Words: Global Trade, Global Economy, Business

Business supply chain strategies are evolving, can poor countries benefit? – Participation in value chains has been a key plank of low-income country development strategies over the past generation. Many analysts and businesses are anticipating a period of transformation that will see a wide-ranging overhaul of supply chain configuration. The organisation of international production and investment is entering a new phase driven by powerful undercurrents – which have been laid bare or given added momentum by the impacts of COVID-19 on economies and societies worldwide. Forces at play include the adoption of fourth industrial revolution technologies, the rise of political and economic nationalism, the urgent need to address environmental sustainability and the greater frequency of shocks to the global trading system emanating from endogenous and exogenous risks like extreme weather events, pandemics, cybersecurity and financial crises. As the supply chain management decisions of multinationals and lead retailers adjust to this new environment, what are the implications for less developed countries?

Poor country participation in value chains - Since the early 1990s, many least developed countries (LDCs) have tried to emulate the export-led industrialisation model followed to good effect by several Asian economies. To achieve this, they have sought to attract foreign direct investment (FDI) – mostly efficiency- and resource-seeking – and to link their domestic sector to foreign markets through participation in global value chains (GVCs). A sizeable share of LDC exports are now routed through such chains, which represent up to 40% of international trade. (Trade4DevNews)

Key Words: Global Trade, Global Economy, LDCs

Pandemic has forever changed online shopping, UN-backed survey reveals – The study examined how the global crisis has impacted the way people use e-commerce and other digital tools, with more than half of respondents reporting they now shop online more frequently. “The COVID-19 pandemic has accelerated the shift towards a more digital world. The changes we make now will have lasting effects as the world economy begins to recover”, said UNCTAD Secretary-General Mukhisa Kituyi.

Online news and entertainment - UNCTAD conducted the survey together with Netcomm Suisse eCommerce Association, in collaboration with the Brazilian Network Information Center (NIC.br) and Inveon, a Turkish digital commerce company. The countries covered were Brazil, China, Germany, Italy, the Republic of Korea, the Russian Federation, South Africa, Switzerland and Turkey. In addition to ramping up online shopping, researchers found that respondents also rely on the internet more for news, health-related information and digital entertainment.

Biggest shift in emerging economies -The greatest shift to online shopping occurred among consumers in emerging economies, according to the survey. Purchases across most product categories increased by six to 10 percentage points, with the biggest gains found in information and communications technology (ICT)/electronics, gardening/do-it-yourself, pharmaceuticals, education, furniture/household and cosmetics/personal care. (UN News)

Key Words: Global Trade, Global Economy, COVID-19

PAN AFRICA

Nigeria’s former finance minister puts Africa one step closer to WTO leadership – Nigeria’s Ngozi Okonjo-Iweala has progressed to the third and final round of the World Trade Organisation’s (WTO) leadership race, raising the chances of an African director-general at the most powerful organisation in global trade. The former Nigerian finance minister joins South Korea’s Yoo Myung-hee in the last stage, assuring that the next director-general will be a woman. Both women were picked from a group of five that included Kenya’s Amina Mohamed and the UK’s Liam Fox. The WTO’s members are set to vote on a director-general after consultations with various internal bodies running until October 27. Ambassador David Walker, chairperson of the general council, said today that the ultimate objective of the selection process is to make sure that the head of the global trade body is chosen by consensus. “Our aim continues to be to encourage and facilitate the building of consensus among members, and to assist in moving from this final slate of two candidates to a decision on appointment,” he said during today’s announcement. Okonjo-Iweala is an economist and international development expert, known in Africa for her time as Nigeria’s minister of finance under former presidents Olusegun Obasanjo and Goodluck Jonathan and as managing director of the World Bank. She sits on several boards including the Global Alliance for Vaccines and Immunization (GAVI) and the African Risk Capacity. She describes herself as “the only candidate working at the intersection of trade and public health”. She has pledged to reform the WTO’s dispute settlement system and update its rules to meet new economic and technological challenges. Her success in the penultimate round has boosted hopes that the Geneva-based organisation will be led by an African. “If Ngozi makes it, it will demonstrate a certain realignment of the multilateral power dynamics as Africa has been up to now excluded from key economic and financial institutions leadership,” says Carlos Lopes, former executive secretary of the United Nations Economic Commission for Africa (UNECA). “This coming at a time when the continent is embarked on an ambitious free-trade agenda at odds with renewed protectionist attitudes is telling. To have an African that clearly defends the continent’s ambition in this sphere selected to lead would be significant.” However, there is little to divide the two candidates and it is expected to be a close contest. (The African Report)

Key Words: Africa, Trade, WTO

Next Africa: A Chance to Be Heard at the WTO - “Africa is extremely under-represented in important economic-governance positions globally,” said Catherine Grant Makokera, a former New Zealand diplomat who now works as a director at Johannesburg’s Tutwa Consulting Group. “Having an African in a leadership position will provide an opportunity to developing countries from Africa and other regions to make sure that they have someone that understands their concerns.” Still, if she does manage to beat South Korea’s Yoo Myung-hee to the post, Okonjo-Iweala will face the hard reality that her job will likely be dominated by issues far away from Africa. Global trade has been thrown into turmoil by the dispute between the biggest economies, the U.S. and China. In addition, the WTO’s role has been diminished by the U.S.’s refusal over the past two years to consider nominees to fill vacancies on the panel at the appellate body, the main forum for settling worldwide trade disagreements. Whoever wins will have their hands full. If it's Okonjo-Iweala, there is at least greater potential for Africa’s voice to be heard. “An African at the head of the WTO who is also a multilateralist is an ernomous opportunity for the continent and a source of pride,” said Vera Songwe, head of the United Nations Economic Commission for Africa. (Bloomberg)

Key Words: Africa, Trade, AfCFTA

Greener Africa: Time for ‘free trade but also fair trade with Europe’- Africa’s summit meeting with the European Union (EU) in 2021 is a critical opportunity to assert that the relationship is mutually beneficial only if Africa produces what it consumes. Europe should in turn practice the solidarity it preaches in principle, by supporting capacity building in Africa for self-sufficiency. Africa needs to stand firm, with a clear, long-term vision, in order to forge with the EU a common and equitable path to prosperity. The COVID-19 pandemic and the climate emergency have exposed afresh Africa’s various shortcomings, notably in the health and education sectors that are the foundation for capacity building. Yet, the crises also set the stage for Africa to put unprecedented emphasis on human development, which is one of the pillars for the structural transformation discussed for the past 60 years.

Fundamental change needed - Another pillar is economic diversification. Africa has long been merely a supplier of raw materials and recipient of finished products. This role has been codified in the Lomé and Cotonou conventions and the EU/African, Caribbean and Pacific framework such that African raw materials get EU customs exemptions but processed African exports are greeted with heavy taxes. An equitable partnership requires a fundamental change in this relationship. This is why the African Continental Free Trade Agreement (AfCFTA) is an excellent platform for genuinely African products to feed African markets based on strict rules of origin and local content. (The Africa Report)

Key Words: Africa, Trade, AfCFTA

Consortium of Global Multilateral Development Banks Calls for Measures to Support Trade Continuity in Sub-Saharan Africa – The Pulse check (https://bit.ly/2FbuKN5) report issued by a consortium of multilateral development banks and trade research institutions, recounts the views of sub-Saharan banks on multi-lateral development banks’ (MDBs) responses to uphold a well-functioning trade finance market. The report, which brings together perspectives & insights from 70 trade finance executives from 20 countries, unanimously calls for an urgent switch in the focus of support programs towards private sector and smaller enterprises to avoid a ‘second wave insolvency crisis’ that threatens greater, and far more widespread, economic hardship on the continent than we have seen till now. Demand for trade finance instruments in the first half of 2020 seems to have flattened compared to growth expectations, while banks, supplying those instruments, have typically “flown to safety” restricting their lending to existing clients. Overall, according to interviewees, the market has contracted from at least 10% on average from 2019 levels in volume and even greater in value because of furloughed projects and investments. Full recovery is only anticipated by end of 2021 at the earliest. Banks interviewed mentioned that their main constraints revolved around risk uncertainties / macroprudential limitations to extend credit outside of their comfort zone, especially during a persisting pandemic. The report makes several priority recommendations for MDBs. These include a switch in focus to private sector support, increasing availability of risk-sharing instruments as well as a more granular funding offering. The report also illustrates the need to emphasise pooling of efforts and resources across MDBs and DFIs operating in Africa to respond more effectively to the unfolding situation. Contributing organisations include the African Development Bank (AfDB), the Arab Bank for Economic Development in Africa (BADEA), the Banque Ouest-Africaine de Développement (BOAD), the East African Development Bank (EADB), the International Chamber of Commerce (ICC), the International Trade Center (ITC), the International Islamic Trade Finance Corporation (ITFC), and the Trade & Development Bank (TDB). (africanews.)

Key Words: Africa, Trade, AfCFTA

Statement by the AUC Chairperson on the outcome of the second round of consultations for the position of Director-General of the World Trade Organization – The Chairperson of the African Union Commission, Moussa Faki Mahamat, wishes to congratulate Dr. Ngozi Okonjo-Iweala of Nigeria on her selection, together with Yoo Myung-hee of the Republic of Korea, to the third and final round of consultations to select the next Director-General of the World Trade Organization (WTO). The Chairperson also wishes to commend the strong calibre of the three African candidates that participated in the selection process, leveraging world class African expertise on the world stage. The African Union is particularly proud of Dr Ngozi Okonjo-Iweala’s historic achievement, together with Yoo Myung-hee, to have set a historical precedent that will ensure that the next Director-General of the World Trade Organization will be a woman, a first in the 25year history of the Organization. Dr Okonjo-Iweala’s formidable global reputation in international finance, development and public health and vast experience in high-level leadership, makes her by far the best qualified candidate to lead the WTO during this challenging time. The African Union strongly supports her candidacy and calls on Member States and friends of the Continent to vote for her. (AU)

Key Words: Africa, Trade, AU

EAST AFRICA

Startups marked for tax relief to spur innovation –- Kenyan startups admitted to incubation hubs will pay less tax, if Parliament adopts proposals in a Bill which seeks to promote innovation among enterprises. The Startup Bill, 2020 recommends a range of incentives including fiscal and non-fiscal support as well as protection of intellectual property rights. Lack of capital has been flagged as key put off for entrepreneurship in Kenya, especially among the youth eyeing to kick-off their first ventures. “The Bill seeks to provide a legislative framework that promotes an enabling environment for the establishment, development, conduct of business and regulation of startups,” said Nairobi Senator Johnson Sakaja who has sponsored the Bill. Other incentives under the Bill include establishment of a credit guarantee scheme for startups and support in research and development. Entities that qualify as incubation hubs include companies, non-governmental organisations and partnerships with facilities suitable to accommodate innovative startups. (Business Daily)

Key Words: East Africa, Business, Trade

EAC eyes strengthening economic integration in new partnership with EU – The East African Community (EAC) has partnered with the European Union (EU) to roll out a 16.4-million-euro program aimed at strengthening regional economic integration (CORE) through advancing implementation of the Customs Union and Common Market Protocols.The program, which was unveiled Wednesday by the EU Ambassador to Tanzania and the EAC Manfredo Fanti and the EAC Secretary General Libérat Mfumukeko will be instrumental in moving towards a fully-fledged Customs Union by supporting more robust information, communication and technology (ICT) based data exchange protocols for the clearing of goods.“Thanks to digital solutions, customs operations will be simpler, quicker, as well as safer during this pandemic situation thereby resulting in a reduction of the costs of cross-border trade,” the EAC said in a statement.“A new impetus will be given through this programme to promote free movement of services, a crucial building block for the creation of the EAC Common Market.” The programme will also support implementation of services’ liberalisation commitments, facilitating mutual recognition of professions and allowing companies to provide their services beyond their national borders. “During the first two years,” official said, the focus of this programme will be on the insurance, accounting and distribution sectors.”The program is also hoped to enhance the capacity of the EAC Secretariat in order to ensure that this institution can deliver its overall mandate. (The Kampala Post)

Key Words: East Africa, Business, Trade

WEST AFRICA

Nigeria announces plans for new economic zones to boost solid minerals – The Nigerian government is working toward establishing special economic zones for solid minerals and creating a large number of employment opportunities, a top official with the Nigeria Export Processing Zones Authority (NEPZA) said. The initiative is part of the government's promise to revamp the mining sector to enable it to contribute more to national income, said Adesoji Adesugba, Managing Director of NEPZA in a statement reaching Xinhua on Thursday. Plans were underway for the establishment of four special economic zones in Lagos, Gombe, Kwara and Kastina with special consideration for solid minerals, he said. These special economic zones when established will help to ignite activity in the sector and jobs will be created for youths while the government rakes in revenues from the exportation of valued added minerals, said Adesugba. "We must emulate countries like South Africa, Ghana and Kenya that have taken their mining sector to an enviable height with substantial (amount) of their revenues coming from the sector," he said. According to him, Nigeria can catch up with these countries faster if the special economic zone concept was activated for the sector. (china.org.cn)

Key Words: West Africa, China, Business

UNECA analysis shows AfCFTA gains for Ghana –A United Nations’ Economic Commission for Africa (UNECA) assessment of the expected impact of goods-trade liberalisation under the African Continental Free Trade Area (AfCFTA) treaty shows significant economic gains for the continent, with strong potential to promote industrialisation. According to the assessment, AfCFTA modalities on goods trade will lead to an increase in GDP of all African countries, with a projected growth of between 0.35 percent (US$28bn) and 0.54 percent (US$44bn) in Africa’s GDP in the year 2040 relative to the baseline without AfCFTA in place. Ghana’s GDP in 2040 will be between 0.29 percent (US$450m) and 0.31 percent (US$510m) higher than the baseline without AfCFTA, the assessment estimated. The assessment also tipped the country’s exports in 2040 to increase by between 1.7 percent and 2.0 percent, equivalent to US$867m and US$1bn respectively, relative to the baseline situation. With AfCFTA, the continent’s exports in 2040 will be higher by between 1.5 percent (US$40bn) and 2.2 percent (US$56bn), depending on the ambition of the liberalisation reform. The welfare of the continent will increase slightly, the assessment showed, due largely to the significant expansion expected in intra-African trade. Ghana’s welfare is expected to increase by between 0.3 percent and 0.4 percent compared to the baseline. Tariff revenue will however experience shortfalls ranging between 7.1 percent and 8.4 percent for Ghana and 6.5 percent and 9.9percent for the continent, depending on the ambition of the liberalisation. Joseph Atta-Mensah, Principal Policy Advisor at the Macroeconomic and Governance Division of UNECA, who disclosed these findings at a hybrid business conference organised by the Chamber of Commerce and Industry France Ghana (CCIFG) in Accra, stressed that the expected benefits would only materialise if the AfCFTA reforms are effectively implemented. (Business24)

Key Words: West Africa, Regional Integration, AfCFTA

SOUTHERN AFRICA

One SA’s Economic Recovery Plan revealed: 20 key interventions – One South Africa Movement (One SA) Chief Activist Mmusi Maimane, on Thursday 8 October at a press briefing in Johannesburg, delivered the movement’s Economic Recovery Plan entitled “Review, Repurpose, Rebuild, Reform: A bold plan to turn SA’s fortunes around”. The plan, according to Maimane, is a comprehensive set of specific interventions which seek to build a stronger, revitalised South Africa in the challenging post COVID-19 years. “Our recovery plan requires four approaches to the economy and the State at large; review, repurpose, reform and rebuild. In this light, we argue the following 20 interventions — at least — are required to change South Africa’s fortunes and place us on the right track towards a better future” he said.

ONE SA MOVEMENT ECONOMIC RECOVERY PLAN: 20 POINTS TO CONSIDER

CORRUPTION

Establish specialised corruption courts to investigate and prosecute both public and private sector corruption;
Implement continuous forensic lifestyle audits of all politicians and government officials;
Institute minimum sentence of 15 years in prison if convicted of corruption; and
Increase transparency in the tender process by introducing an online and accessible system.

ECONOMY

Place and immediate cap on Debt-to-GDP spending via a debt ceiling;
Sell SAA and open up energy markets to IPPs;
Regionalise the energy sector by incentivising regional bio gas, wind and solar projects; and
Reviatalise SADC region trade and development relations similar to the ASEAN develo

(The South African)

Key Words: SA, Regional Integration, Trade

Trade sector in South Africa: Confidence edges up in Q3 – The improvement in sentiment across the entire trade sector in South Africa can certainly be attributed to the eased lockdown restrictions since the BER’s 20Q2 survey – when the sector registered record low levels across all categories. COVID-19 lockdown restrictions have eased from a regime that only permitted the sale of essential goods under restricted trading hours, to one that pretty much allowed retailers to trade all products except for cigarettes and alcohol. Liquor sales were permitted in June but then banned again on 13 July 2020 (before being allowed once again from 17 August). The Motor trade industry, likewise, also resumed full trade through its car dealerships on 1 June 2020. What remains constant between the 20Q2 and 20Q3 business environment is the somewhat restricted trading hours and adherence to COVID-19 hygiene protocols – which continue to increase the operating costs of retailers. Therefore, the overall 20Q3 BER survey of more than 700 retail stores, wholesalers and motor dealerships conducted online between 12 and 31 August 2020 simply reflects the changes in the business environment and how consumer spending adjusted following these changes.

Retailers - After plunging to a 29-year low of 11 in the second quarter of 2020, retailer confidence surprised on the upside during the third quarter – rising to 36. A reading of 36 indicates that less than four out of 10 respondents were satisfied with business conditions in the third quarter. From such a low base, when retailers of most durable and semi-durable goods were non-operational and could not generate any income for a significant part of the second quarter, this improvement in sentiment simply reflects these specific retailers’ optimism about their ability to trade again, rather than a fundamental shift in the operating or macroeconomic environment. (The Africa Logistics)

Key Words: Trade, Regional Integration, SA

Zim poised to become regional fuel hub – Zimbabwe has laid out plans to fully utilise existing capacity and build new infrastructure to position itself as a regional hub for fuel distribution using its strategic location in the region and extensive storage facilities. Feruka Oil Pipeline has capacity to carry up to six million litres of both diesel and petrol from Beira to Mutare and Harare, but plans are afoot to build a new and larger pipeline between 2022 and 2025. The new planned pipeline will have capacity to transport 50 million litres per day, which will afford the country an opportunity to fully utilise its storage capacity of 500 million litres for local and regional purposes. Through the National Oil Company of Zimbabwe (Noic), the country also plans to coordinate rehabilitation and upgrades of both pipeline and rail oil transportation systems with Mozambique. It is expected that the mooted interventions will reduce the cost of transporting fuel to Zimbabwe and the regional hinterland from US$0,08 to US$0,03 using the pipelines and US$0,10 to US$0,06 using rail by 2025. Noic chairman Engineer Daniel McKenzie Ncube yesterday said there was greater scope to cut costs of transporting fuel in the region using Zimbabwe’s strategic location, existing and planned infrastructure to spur SADC economies. The plans will have profound impact and significant benefits including lower costs of transportation, no transit losses, preservation of the environment and reduced road accidents and road damage. (The Herald)

Key Words: Trade, Regional Integration, Zimbabwe

Angola plays important role in ECCAS economic integration – During a meeting he held with Angolan businesspeople on increasing trade between the ECCAS countries, Gilberto da Piedade Veríssimo said that Angola has the highest Gross Domestic Product (GDP) in the community, which could make it an engine for economic integration in the region. However, he noted that it was necessary to take into account some assumptions that make these objectives impossible, such as the lack of formal or physical integration, due to the lack of adequate roads, the lack of a common customs tariff, which created difficulties in the entry and exit of products, as well as the disabling of the 3,000 kilometres of sea coast."The region's maritime sector needs to be exploited by entrepreneurs, with the emerging of African shipowners, in order to make economic integration possible," he said. Given the situation, Gilberto da Piedade Veríssimo said that it was important to formalise these informal social integration processes that had taken place in the region so that the economy could be integrated. In the framework of economic and financial integration, one of the aspects that guides the Commission of the Economic Community of Central African States is to listen to businesspeople at the level of the member countries so that they can gather the opinion of the private sector on the creation of a council to organise businesspeople in the region and discuss priorities at community level. In this context, the ECCAS also intends to set up a monitoring centre for the industrialization process in the member countries. "Angola is industrialising, but it is necessary to know the situation of other member countries like Cameroon or Rwanda, so that this industrial development serves the region," he said. (ANGOP)

Key Words: Trade, Regional Integration, Angola

Centre africain pour la politique commerciale

ATPC DAILY DIGEST 12 OCTOBER 2020

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