Last week, the Hub supported a “Boosting Intra-African Trade Workshop,” in Dar es Salaam, Tanzania, to strengthen knowledge exchange and networks among African trade practitioners. The focus was on best practices in trade information and trade finance. You can read last week’s blog here. By the end of the workshop, participants put forward a series of recommendations and best practices for the Commission of the African Union (AUC) to consider.
In trade finance, workshop participants stressed the need for financial institutions to find appropriate means of mitigating trade finance risks by allocating and pricing each type of risk to those better positioned to deal with them. Participants also suggested that financial institutions should leverage ICT tools to reach a larger sector of the African trading community.
On issues relating to trade information, particularly regulatory aspects, participants recommended that providers of trade information ensure that information is presented in a user-friendly manner that is accessible and understandable by all levels of the private sector.
To further pan-African uptake of recommendations on trade information and trade finance, workshop participants suggested that the AUC collaborate with pan-African business councils and chambers of commerce to develop proposals for implementation. These proposals could then be sent to partners for consideration, including USAID, United Nations Economic Commission for Africa (UNECA), Regional Economic Communities (RECs) and development financial institutions.
Download the full document on recommendations and way forward here.