The Minister of Trade, Industry, Regional Integration and Employment, Baboucarr Ousmaila Joof, has emphasised the need for trade and investment laws to be harmonised and streamlined in Africa for the continent to gain its rightful place globally.
Joof who lamented the impacts of the ongoing instabilities in terms of policies and disagreement among countries on the economy of Africa, added that African countries must be deliberate and united in using international laws to their advantage rather than entirely relying on other continents.
The minister spoke at the weekend in Ado-Ekiti, the Ekiti State capital while delivering a goodwill message as a special guest during the 8th Annual Conference of International Law Association, Nigerian Branch which was held at the Afe Babalola University Ado-Ekiti (ABUAD).
The conference which has, ‘Fostering Trade and Investment Integration for Sustainable Development: The Role of International Law’ as the theme had in attendance participants and guests across the continent and beyond including the founder of ABUAD, Aare Afe Babalola.
He appealed to African leaders to be innovative and initiate policies towards leveraging the strength of the continent in the areas of agriculture, manufacturing and renewable energy for effective production and economic growth.
Joof said, “International law provides the framework of rules and agreements that facilitate regional and global trade, protecting investors and providing dispute settlement mechanism to foster sustainable development
“African countries must harmonise their trade and investment laws to create a seamless and predictable business environment. This includes aligning national policies with the AfCFTA protocols, reducing non-tariff barriers, and ensuring the enforcement of trade agreements, subscribe to a single currency and pursue the ancient goal of a ‘united Africa’.
“Being united will lead to economies of scale, thus, empower our leaders to truly represent Africans when global economic prosperity is distributed. International law provides the tools to resolve disputes, protect investments, and promote fair competition, all of which are essential for attracting foreign direct investment (FDI) and fostering regional integration.
“By leveraging the AfCFTA, African countries can enhance their productive capacities, reduce dependency on imports, and create jobs for their growing populations. International law can facilitate this process by providing frameworks for cross-border collaboration, intellectual property protection, and technology transfer.
“Africa’s future hinges on turning legal frameworks into tangible progress. Let us champion dispute resolution reforms, green investment, and regional unity to ensure our continent thrives in the global economy.”
On the impacts of global instability, the minister added that, “The ongoing US-China-Canada trade war, the Russia-Ukraine conflict, the prolonged middle-east conflict, and the broader shift towards
regionalism and economic blocs have created an environment of major uncertainty.
“For Africa, these shifting global dynamics present both risks and opportunities, and so it is imperative that we strategically reposition ourselves to navigate these complexities and harness the potential of international trade rules to drive sustainable development.
“These tensions exacerbate existing vulnerabilities. Many African economies remain heavily dependent on raw commodity exports, making them susceptible to fluctuations in global demand and prices. Moreover, the fragmentation of global trade systems risks marginalising Africa further, as larger economies prioritize their own regional alliances.”
