Business / Hangzhou G20

Expert hails G20 plans to open up markets

(Xinhua) Updated: 2016-09-09 09:15

LUSAKA - Plans by the G20 members to push for the opening of markets as a way of promoting global trade and investment will go a long way in helping Africa improve productivity, an expert said on Thursday.

During the G20 Summit held in the Chinese city of Hangzhou on September 4-5, leaders pledged to work hard to build an open world economy and reject protectionism in order to promote global trade and investment.

The leaders also pledged to further strengthen the multilateral trading system and ensure broad-based opportunities through public support for expanded growth in a globalized economy.

"The decision by the G20 leaders during their summit in China to open up markets is a welcome move, especially for Africa which has been finding it difficult to penetrate developed countries' markets because of stringent standards imposed," Dr Lubinda Habazooka, Senior Lecturer of Business Studies at the Copperbelt University told Xinhua in an interview.

While acknowledging that Africa has been exporting raw materials, the expert said the continent wanted to export more such as agricultural products and meat which it was finding difficult to do because of standards imposed by developed countries.

While African countries have opened up their markets after signing World Trade Organization treaties, the expert said this was not the case with developed countries and hoped that the plans by G20 countries to push for opening of markets will become a reality.

He further said integrating the global trading system will be of great help not only to African countries but the global community as a whole because Africa has a lot to offer.

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