The IMF and the World Bank are sounding a warning that global authorities are falling off course in their endeavors to eradicate extreme poverty by 2030. Growing income disparity between rich and poor nations is effectively undermining hopes of eliminating extreme poverty on a global scale. In response, policymakers are calling for a multilateral strategy to safeguard countries from the economic challenges stemming from ongoing global crises. Global financial experts from the International Monetary Fund (IMF) and the World Bank are sounding a warning that authorities are veering off course in their efforts to eradicate extreme poverty by 2030. According to these international organizations, weaker economies are becoming increasingly vulnerable to external shocks, which are disproportionately affecting emerging markets and developing economies. imultaneously, the gap in income levels between affluent and impoverished nations is growing more pronounced, effectively diminishing the prospects of achieving the goal of eliminating extreme poverty by 2030. Eliminating extreme poverty These insights were disclosed during the 2023 World Bank and IMF Annual Meetings in Marrakech. A joint statement that offers the way forward was signed by prominent figures, including World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, Kingdom of Morocco Minister of Economy and Finance Nadia Fettah, and Bank Al-Maghrib Governor Abdellatif Jouahri. Simultaneously, policymakers are now advocating for a multilateral strategy to shield countries from the economic adversities caused by ongoing global crises. These challenges range from the COVID-19 pandemic, the Russia-Ukraine conflict, and severe weather conditions impacting various regions to internal conflicts...

IT is estimated that every year, more than 600 million people fall sick from different types of foodborne illnesses. The burden of such illness falls most heavily on the poor and young children. Other reports indicate that foodborne illnesses are also responsible for more than 420,000 preventable deaths every year. At the ‘Regional Training on Scientific Basis of Codex with focus on Data Generation and provision for Standards Setting’ held here in Zanzibar recently, Dr Stella Kiambi from Food and Agriculture Organisation (FAO) mentioned that about 34 percent of all these deaths affect children under the age of five years, despite them representing only nine percent of the global population. Dr Kiambi who spoke on behalf of Mrs Nyabenyi Tipo, FAO Country Representative in the United Republic of Tanzania said further that according to the World Bank, food safety-related issues cost developing countries up to $110 billion in lost productivity and medical treatment in 2016 alone, affecting national economies, trade and tourism, stimulating sustainable development. It is behind this background that the Codex Alimentarius, or “Food Code”, a collection of standards, guidelines and codes of practice adopted by the Codex Alimentarius Commission (CAC) are being emphasised and strengthened in different countries, including East Africa to minimise unsafe foods. CAC is the central part of a joint FAO/World Health Organisation (WHO) Food Standards Programme and was established by FAO and WHO to protect consumer health and promote fair practices in food trade. “Food Safety is a concept that fully materialises through...

Standard Chartered has published its Future of Trade: Africa report, highlighting the outlook for African trade and providing a view of the African Continental Free Trade Area (AfCFTA) as a key proponent of optimising intra-African trade. The report finds that Africa’s total exports will reach USD952 billion by 2035 and the AfCFTA, once fully implemented, has the potential to increase this figure by a further 29 per cent. This represents an annual growth rate of 3 per cent from now until 2035. Rising regional trade levels and greater connectivity will unlock high–growth corridors across Africa and beyond. Intra-Africa trade is expected to reach USD 140 bn by 2035, equating to 15 pe rcent of Africa’s total exports. Africa’s corridors with some of the world’s most dynamic regions will grow faster than the global average of 4.3 per cent. The East Africa-South Asia corridor is expected to emerge as the fastest-growing major corridor, at 7.1 per cent per annum through to 2035. The Middle East-North Africa and the Middle East-East Africa corridors will also be substantial, with their combined trade volume expected to reach almost USD200 billion by 2035. The AfCFTA is not the first attempt made by Africa’s markets to promote greater cohesion, but the existing agreements often have overlapping or contradicting objectives – creating a “spaghetti bowl effect”. There are eight significant Regional Economic Communities (RECs) recognised by the African Union (AU), and most AU markets are enrolled in two or more RECs, with the high costs of compliance and administration...

For the uninitiated, a national single window (NSW) system allows traders and other economic operators to submit information to multiple government agencies through a single-entry point to fulfill all import, export, and transit requirements. The concept has been driven by the WTO’s Trade Facilitation Agreement, which came into force in February 2017. Article 10 (4) of the agreement advocates the establishment of NSWs to enable traders to submit data requirements through a single-entry point to regulating authorities. Achieving meaningful results in establishing single-window systems depends principally on building genuine stakeholder collaboration. Enabled through an Act of Parliament passed in 2021, the Pakistan Single Window (PSW) has made significant progress in improving the efficiency of Pakistan’s cross-border trade, having successfully integrated nine other government agencies, including Pakistan Customs, the Pakistan Standards and Quality Control Authority, the Department of Plant Protection, and the Ministry of Narcotics Control, among others. However, it is the NSWs’ ability to transcend borders that makes it genuinely remarkable, serving as a vital bridge between nations and their global trading partners. The single-window environment is a realm where innovation supports economic diplomacy, technology is the catalyst for smoother cross-border transactions, and collaboration among nations redefines the essence of global trade. NSW systems are evolving into a powerful instrument of international cooperation, enabling exchange of trade data across international boundaries in real time, reducing trade barriers, and promoting transparency on a global scale. In this article, we look at PSW’s multi-tiered international perspective as it seeks to leverage partnerships...

Revenue officials from the Democratic Republic of Congo have concluded a 9-day benchmark on the Uganda Revenue Authority’s One Stop Border Posts in preparation for installation of the customs office at the Mahagi border. Speaking at the closure of the benchmark, the Assistant Commissioner for Learning and Development, Irene Mbabazi Irumba, appreciated the partnership and how the two countries have support one another. “Uganda and DRC share the same interests and mandate of facilitating trade and making our nations independent by collecting enough revenue to ensure our citizens get better services,” said Irumba. She also appreciated their zeal for sharing knowledge as an avenue for building the capacity of staff from both countries. Fiona Tubeine Nyamurungi, the Manager of the Transit Monitoring Unit at URA emphasized the need to apply the recommendations agreed upon, which included creating space for Uganda at Mahagi and Kasindi as an intermediate solution to facilitate trade. “For OSBP to be operationalized, there is a need to reorganize the offices. Create space for our officers so that we can work together to facilitate trade smoothly for the benefit of both countries,” said Nyamurungi. On the other hand, the Assistant Director, General Directorate of Customs and Excise (DGDA), Dido Ilembwa Bosekompanda, appreciated URA’s hospitality throughout the benchmark and the knowledge shared on one-stop border points, saying that the knowledge will build the revenue officials’ capacity to control movement at customs. “Our presence here in Uganda is to see that we work together as customs officers, build relationships...

THE East African Community (EAC) and the European Union (EU) have committed and agreed to foster a human-centric digital transformation in East Africa. The agreement centred on utilising digital technologies and innovations for regional integration. The mutual agreement came after a two-day conference that was facilitated by the Digital for Development (D4D) Hub, which unites key stakeholders from the EAC region and European partners. The EAC Secretary General, Dr Peter Mathuki, who officially opened the two-day conference, said that the EAC is keen on creating a single regional digital market comprising an online market, a data market, and a connectivity market. “This is underpinned by digital skills, innovation, infrastructure, financing and a conducive legal and regulatory environment. “Achieving this requires digitalisation in various sectors and integration platforms,” said Dr Mathuki when opening the 1st EU-EAC Regional Conference on Digital Transformation in the East African Community, in Arusha, Tanzania last Thursday. The EAC’s primary goal is to develop a regional digital market for digital trade in East Africa. Also, the digital initiative is crucial for the development of the region, as well as for the effective implementation of the African Continental Free Trade Area (AfCFTA). “Our partner states also need to agree on regulations to foster digital markets, including data governance and artificial intelligence (AI) standards,” said the Secretary General adding: ‘‘It is also incumbent on partner states to harmonise regulations and build capacity for data governance and AI standards.” The EAC and EU collaborative effort aims to assess the current...

Do you know where the avocados, pineapples and mangoes you see at the store come from? What about the roses and bouquets of flowers you buy for your loved ones? If you live in Europe, there's a good chance these products came from East Africa and left the port of Mombasa in southern Kenya. Most goods from landlocked East African countries must pass through the Kenyan port city of Mombasa. This is where trucks from Uganda, Tanzania, the Democratic Republic of Congo and many other countries unload their cargo onto ships bound for Europe. The port of Mombasa therefore allows the continent to open up to the international market. Its strategic location attracts many investors, such as the European Union and also China. Europe is Mombasa's "main market for fresh produce and flowers”, the port's general manager, Captain William K. Ruto, told Euractiv. The Dutch port of Rotterdam accounts for 70% of traffic, he said, followed by ports in the United Kingdom, Germany and France. Currently, exports outnumber imports, but Kenya is looking to boost both as it wants to secure a trade deal with the EU and be more competitive internationally. To do this, it needs to modernize its main port in order to be able to process large quantities of goods more quickly. The goal is to export 50% of Kenya's fresh produce by sea by 2030. For the EU, investing in trade routes is a matter of economic development and a way to promote a more environmentally friendly maritime trade route than air...

President Hakainde Hichilema joined President Antoine Félix Tshisekedi of the Democratic Republic of Congo (DRC) to inaugurate the Kasomeno-Kasenga-Chalwe-Kabila-Mwenda Road. This monumental project, part of the One Stop Border Post initiative, also includes the construction of the Luapula River Bridge, cementing the strong bilateral relations between Zambia and the DRC. The Kasomeno-Mwenda Road Project signifies Zambia’s dedication to enhancing connectivity and economic integration in the region, while fostering economic growth through innovative Public Private Partnerships (PPP). President Hichilema stressed that this approach not only alleviates fiscal pressure but also encourages private sector involvement in Zambia’s economic development. President Hichilema and President Antoine Félix Tshisekedi of the Democratic Republic of Congo (DRC) inaugurating the Kasomeno-Kasenga-Chalwe-Kabila-Mwenda Road. This project, which links the DRC to Africa’s east coast through Zambia’s Nakonde border and Tanzania, is poised to become the shortest route connecting the DRC to the Indian Ocean, opening up vast trade opportunities. It is expected that more than 400 trucks will utilize the Luapula River Bridge, providing a crucial trade link between Luapula province in Zambia and Lubumbashi in the DRC. In addition to facilitating trade and economic growth, the Kasomeno-Mwenda Road and Bridge Project holds the promise of job creation and infrastructure development. The local communities, particularly in Mwense, are set to benefit from increased economic activity in the region, as well as job opportunities during the construction phase. President Hichilema and President Antoine Félix Tshisekedi of the Democratic Republic of Congo (DRC) during the inauguration of the Kasomeno-Kasenga-Chalwe-Kabila-Mwenda Road. The...

Heads of State in the Economic Community of West African States (ECOWAS) have decided to speed up the construction of the highway between Abidjan and Lagos, a project for which the African Development Bank is playing a leading role in mobilizing funding. The Bank has already contributed USD 25 million to fund the preparatory phase of the project. Moreover, along with its partners, it mobilized USD 15.6 billion during the Africa Investment Forum (AIF) in 2022.  The highway will link the most economically dynamic cities and ports and the most densely populated urban areas in West Africa. Meeting on 9 July 2023, alongside an ECOWAS summit in Bissau, Guinea-Bissau’s capital, the leaders of Benin (Patrice Talon), Côte d’Ivoire (Alassane Ouattara), Ghana (Nana Akufo-Addo), Nigeria (Bola Tinubu) and Togo (Faure Essozimna Gnassingbé) – the countries the highway will cross – urged the ECOWAS Commission “to accelerate the completion of the detailed design study and the financial and implementation strategy and to produce the tender documentation to launch the construction phase” of the highway. They also instructed the ECOWAS Commission “to cooperate with the ECOWAS Bank for Investment and Development (EBID) and the African Development Bank, along with other development partners and the private sector, to make sustained efforts to mobilize resources to fund the investment required to build the highway”. In a mark of their commitment to pressing ahead with the project, the leaders decided to set up the headquarters of the Abidjan-Lagos Committee Management Authority (ALCoMA) in Côte d’Ivoire. Made up of...

African governments have been urged to fast-track the implementation of the African Continental Free Trade Area (AfCFTA) in order to solve food security issues that affect more than 20 per cent of the continent's 1.4 billion people. The faster implementation of the AfCFTA and supporting the agricultural value chain are two of the key recommendations of a meeting of more than 200 ministers, economists, and private sector players from Central and Eastern Africa, which was held from September 26-29 in Bujumbura, Burundi. Known as the Intergovernmental Committee of Senior Officials and Experts (ICSOE), the meeting organised by the United Nations Economic Community for Africa (ECA), discussed ways to improve manufacturing and food security in Central and East Africa and how to position the two sub-regions as preferred investment destinations. About 20 per cent of Africa’s population is undernourished. Over 62 per cent of the undernourished in sub-Saharan Africa live in Central and Eastern Africa, according to 2021 figures from the UN’s Food and Agriculture Organisation (FAO). According to the meeting’s report seen by The New Times, the leaders also called for government support for smallholder farmers and strong measures to reduce food waste which stands at around 40 per cent of all harvest in African countries. Rwanda’s Minister of Trade and Industry Jean-Chrysostome Ngabitsinze, who took part in the meeting said one of the ways farmers can be supported is through skills enhancement. “To improve productivity, we have to think differently and make sure that we don’t leave agriculture to the...