A New Approach to Multilateralism and Trade in Africa

African ⁢experts have called for a new approach to multilateralism and trade, emphasizing the ⁤need for Africa to establish its own financial institutions and strengthen the African Continental Free Trade⁣ Area⁤ (AfCFTA).

Martin Sonkeu, from the African Network for Change ‌and Development in Cameroon, highlighted the importance of Africa’s natural resources and the need for ⁢the continent to implement its own financial institutions, including the African IMF, the African ‍Central Bank, and the ‍African Investment Fund.

• The texts that govern the⁢ AfCFTA can be improved to take into account the specific characteristics of Africa.

• Development and security issues are closely related, and Africa must understand that there will always be resistance from those ⁣who benefit from its resources.

• Africa is not the ⁤weakest⁤ in the multilateral system, but rather the strongest, due⁣ to its ‌natural resources.

• The ⁢African Development Bank is not‌ an African bank, and Africa must have its own institutions and not rely on foreign capital.

• Africa can have​ its way in Pan-African multilateralism, and the AfCFTA can be ​improved to take Africa out of uncertainty.

Leo Atakpu, Deputy Executive Director of African​ Network for ‍Environmental and Economic Justice in Nigeria, emphasized the need ⁣for financial empowerment⁣ for women⁤ and the importance of Africans participating in actions‌ that respond to the challenges they face.

The panelists also discussed the need to⁢ bridge border barriers that hinder intra-African trade and the management of the AfCFTA protocol.

The AfCFTA does not yet respond‍ to the dream​ of ⁣pan-Africanism,‍ and Africa must correct its failures ​and work⁤ towards greater economic‍ independence.

The African ​Union’s move towards creating its own central⁣ bank and Monetary Fund signals⁣ a move towards greater ⁣economic independence for the​ continent.