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

Former Vice President Dr. Mahamudu Bawumia has called on global leaders. He urged them to prioritize trust and cooperation. This is crucial for addressing trade imbalances.

He spoke at the International Democracy Union (IDU) Forum in Brussels. Dr. Bawumia emphasized that mutual trust is essential for stability. This is especially important amid global trade uncertainties.

He noted that tariffs can worsen tensions and hinder growth. Developing nations are particularly affected by these measures.

Dr. Bawumia pointed out Africa's marginalization in global trade. Despite its resources and youthful population, Africa struggles economically. Intra-African trade makes up only 15% of total trade.

In comparison, intra-European Union trade accounts for 67%. In Asia, it stands at 61%. He argued that building trust could lead to fairer trade practices.

“We must move beyond short-term fixes,” he stated. Long-term solutions should benefit all parties involved.

He also supported the African Continental Free Trade Area (AfCFTA). This initiative aims to boost intra-African trade and economic integration.

For AfCFTA to succeed, member states must reduce non-tariff barriers. They also need to improve infrastructure significantly.

“The AfCFTA provides a unique opportunity for Africa,” he remarked. It can help redefine Africa's role in the global economy.

In conclusion, Dr. Bawumia urged world leaders to embrace collaboration. Policies promoting trust are vital over isolationism.

He warned that relying on tariffs could spark trade wars. Such conflicts would harm global economic stability.

“Trust is the cornerstone of sustainable economic relationships,” he said.