Turmoil the game un7/12/2023 ![]() Diarra says, are now complaining that members of the European Union (EU) are beginning to increase such subsidies even more.įor the time being, Africa’s 33 least developed countries (LDCs) continue to enjoy preferential access to markets in industrialized countries, which allow 97 per cent of all LDC exports to enter without duties or quotas. In trade, the tendency of governments in the richer developed economies to subsidize their domestic farmers has for some time undercut the ability of African exporters to compete in world markets. ![]() Diarra explains in an interview with Africa Renewal, the global slowdown is reducing the prices of commodity exports, “the main basis of African economies.” Developed countries are also likely to “give priority to their own internal markets,” contributing to a decline in foreign direct investments in Africa and other developing regions. As evidence mounts that the international economic crisis is provoking a deep and prolonged downturn in the world economy, Africa is feeling more and more of its negative effects, says UN Under-Secretary-General and Special Adviser on Africa Cheick Sidi Diarra.
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