Resolve trade imbalance with trust, not tariffs - Bawumia to world leaders

Former Vice President of Ghana, Dr Mahamudu Bawumia, has urged global leaders to prioritise trust and cooperation over protectionist measures like tariffs in addressing trade imbalances.
Speaking at the International Democracy Union (IDU) Forum in Brussels three days ago, Dr Bawumia emphasised that fostering mutual trust is essential for restoring stability amid global trade uncertainties.
He highlighted that tariffs often exacerbate tensions and hinder economic growth, particularly affecting developing nations.
Dr Bawumia pointed out that Africa, despite its vast natural resources and youthful population, remains marginalised in global trade.
He noted that intra-African trade accounts for only 15% of the continent’s total trade, compared to 67% within the European Union and 61% in Asia.
He argued that building trust among nations could lead to more equitable trade practices and economic partnerships.
“We must move beyond short-term fixes and work towards long-term solutions that benefit all parties involved,” he stated.
He also advocated for the African Continental Free Trade Area (AfCFTA) as a transformative initiative to enhance intra-African trade and economic integration.
Dr Bawumia stressed that for AfCFTA to succeed, member states must commit to reducing non-tariff barriers and improving infrastructure.
“The AfCFTA provides a unique opportunity for Africa to redefine its place in the global economy,” he remarked.
In conclusion, Dr Bawumia called on world leaders to embrace policies that promote trust and collaboration over isolationism.
He warned that reliance on tariffs could lead to trade wars detrimental to global economic stability.
“Trust is the cornerstone of sustainable economic relationships,” he asserted.
Source: Classfmonline.com/Cecil Mensah
Trending Business
Gov't ends Zoomlion's long reign at YEA
13:03Ghana secures 0% tariff access to Chinese market as bilateral talks deepen
12:33UGBS partners with Maxwell Investment Group to boost student development and employability
11:07Ghana hosts transformative Horticulture Expo 2025 at AICC
03:02Cancel KGL-NLA contract over legal violations – Group
02:04BoG warns public, businesses against using YellowPay platform
20:33KGL-NLA Deal a ‘Special Purpose Vehicle for State Capture’, Says Advocacy Group
16:38KGL-NLA contract is most beneficial in NLA history – Razak Kojo Opoku
16:1224-hour economy: Mahama announces round-the-clock port operations
15:36Mahama unveils bold horticulture plans at Ghana Horticulture Expo 2025
14:33