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

Former Vice President of Ghana, Dr. Mahamudu Bawumia, spoke at the International Democracy Union (IDU) Forum in Brussels. He urged global leaders to prioritize trust and cooperation. He believes this is crucial for addressing trade imbalances.

Dr. Bawumia emphasized that tariffs can worsen tensions and hinder growth. This is especially true for developing nations. He noted that Africa, despite its resources and young population, remains marginalized in global trade.

He pointed out that intra-African trade is only 15% of total trade. In comparison, the European Union has 67%, and Asia has 61%. Building trust among nations could lead to fairer trade practices and partnerships.

“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) as a way to boost intra-African trade.

Dr. Bawumia stressed that AfCFTA's success depends on reducing non-tariff barriers and improving infrastructure. “The AfCFTA provides a unique opportunity for Africa,” he remarked.

In conclusion, he called on world leaders to embrace collaboration over isolationism. He warned that relying on tariffs could spark detrimental trade wars. “Trust is the cornerstone of sustainable economic relationships,” he asserted.