According to a World Bank study report, Asian giants China and India are boosting African economic growth.
In a the study World Bank found that Asia, led by China and India, is getting around 27 percent of Africa’s exports, which is three times the amount in 1990. Not only that, Asian exports to Africa are now growing 18 percent annually, which is faster than any other region in the world.
The study also recommends China and India along with African countries to improve their trade reforms so that this trend not only continues but improves too. It advocates to China and India to do away with the import tariffs on African goods.
The report written by World Bank Africa Region Economic Advisor Harry Broadman concludes by calling upon the two countries to make the recommended changes as it is not only in the interest of African economy as a whole, but critical in their own economic fortunes.
Yes indeed. With rich nations strangulating the WTO talks with their unreasonable demands and continued farm subsides, it is only the rapidly developing nations now to help the poorer ones and in the process do good to both the sides - themselves and the poorer nations.
