THE European Union (EU) remains the top trading partner for Africa and the largest export market for goods sourced in the continent, a resident diplomat has affirmed.
Tone Tinnes, the Norwegian ambassador, said here yesterday that EU imports from Africa average at euros 367bn by 2023 data, showing a 27 percent increase from 2013, while accounting for 33 percent of the total exports from Africa.
He was addressing participants of the 28th annual research workshop by the Dar-based economic research outfit, REPOA, expressing confidence in the great strides Africa is making in regional trade through various trading blocs.
More trade activity is now conducted within blocs like the East African Community, the Southern Africa Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the wider African Continental Free Trade Area (AfCFTA).
Despite that global economic data was improving, the world got plunged into disaster following the outbreak of the Russia-Ukraine conflict, leading to sanctions, disruption of trade flow routes and touching off a cost spiral, she said.
It led to higher costs of living due to increased energy bills, hiked food prices and shortages of fertilizers globally, showing negative effects worldwide whether in Tanzania or other African countries, she stated.
Offsetting rising costs and difficulties of sourcing clean energy impede the wider effort to combat climate change effects, he said, underlining that climate change is affecting nature and society globally.
Trudy Hartzenberg, CEO for the Trade Law Center (TRALAC), a South African think tank, pointed out that intra-Africa trade has remained limited at 16 percent of its total trade volume.
Notable value addition to African resources such as critical minerals and agricultural products mostly take place outside the continent, he stated.
Dr Donald Mmari, the REPOA executive director, said that collective effort is needed by African countries to address barriers for trade expansion to help unleash sustained growth.
The annual research workshop also marks 30 years of the think tank, formed as a research outfit on poverty alleviation, he added.
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