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TRADE RESTRICTIONS AND AFRICA’S EXPORTS By

By Olayinka Idowu Kareem

Abstract

The potential of developing countries to achieve rapid and sustainable economic growth and reduction in the level of poverty in part depend on their integration into global markets. These potential gains from global trade could be achieved if all participating countries can limit their barriers to trade, so as to encourage the free flow of goods and services. In reality, this is often not the case as there are various market access barriers to some key exports of developing countries, which make it difficult for them to take full advantage of the opportunities that abound in global trade. In international trade theory of comparative cost advantage, countries are advised to specialize in the production of commodities in which they have comparative cost advantage over other countries. This will make countries to gain from international trade. African exports prior to this time (during 1950s and 1960s) have performed well in terms of the volume and number of products, while the issue of market access barriers to their exports in the markets of their trading partners did not arise. Though, Africa has its strength in the production of primary products that attract fewer restrictions in the developed nations ’ markets (especially in the markets of their colonial masters), continent has however gain from trade in which the returns serve as the bulk of their foreign exchange during these periods

Year: 2009
OAI identifier: oai:CiteSeerX.psu:10.1.1.410.5979
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