Former Vice President 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, he 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 said.
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