Globalization and liberalization of markets: prospects for African exports
Author(s)/Corporate Author (s)United Nations. Economic Commission for Africa;
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As a continent heavily dependent on the production and export of unprocessed or semi-processed commodities, Africa has been unable to make the best possible use of such commodities in order to jump-start its economic growth. The failure to pursue structural reforms and a transformation policy has meant that African commodities have made no significant contribution to the continent's development. With the emergence of a new multilateral trading system from the Uruguay Round, Africa finds itself ill-prepared to participate in shaping the trading rules of this system and hence runs the risk of being further marginalized unless it speedily works out its commodity production and marketing policy. Measures must be taken to adjust economic and trade policies, while sustained efforts should be deployed to modernize production systems and techniques and expand the production base through a policy of vertical and horizontal diversification designed to produce quality goods that are competitive and thus take full advantage of the market opportunities created by the trade liberalization process.