1887

n AfricaGrowth Agenda - Intra-Africa trade : some perspectives

Volume 2012, Issue 10
  • ISSN : 1811-5187

Abstract

The global economy has seen widespread creation of trade blocs for market expansion and product diversification. This is one of the approaches used to implement the advocated intra-continental trade, which could be achieved through execution of free trade arrangement by African States. It is, however, acknowledged that benefits that countries derive from the initiative vary depending on the level of economic development. Free trade is defined as a system in which trade in goods and services between or within countries flows without government-imposed restrictions. These interventions are mostly introduced to protect fledgling domestic industries against gigantic multinational companies. Dornbusch et at (1977: 823) defines this protectionism as a means of attempting to ensure that domestic industries are protected from competition from foreign producers and can be carried out through a variety of means such as; "Tariffs, which raise the price of goods coming into a country, quotas - a physical limit on the number of goods that can be brought into a country, and other non-tariff barriers such as regulations and legislation that make it very hard for foreign competitors to sell goods into another country." This article is inspired by commitment shown by the African leadership to unlock the apparent bottlenecks in business transactions and unleash the potential for economic development in the continent. It therefore provides some perspectives on intra-Africa trade.

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/content/afgrow/10/1/EJC125733
2012-10-01
2019-10-18

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