African Union Urges Increased Intra-Regional Trade to Help Economic Growth

African leaders urged countries to boost intra-regional trade to help accelerate economic growth and development on the continent. “African countries do not trade enough among themselves,” African Union Commission Chairman Jean Ping said at a summit today in Addis Ababa, Ethiopia’s capital. “The growth of intra- African trade would lay the foundations for a stronger and more sustainable economic growth.”
Trade between African countries accounts for 11 percent of the total, compared with 47 percent in Asia and 70 percent in the European Union, according to the African Union. Increasing that percentage may help offset the impact of a slowdown in the euro region and other OECD countries, the Economic Commission for Africa said on Jan. 26. Growth on the continent slowed to 2.7 percent last year from 5 percent in 2011, it said.