Experts urge Africa to reduce tariffs and promote trade

According to the Daily News on September 8th, experts and stakeholders at the 4th Inter African Trade Fair (IATF2025) held in Algiers pointed out that if the African continent wants to increase the proportion of intra African trade from the current 15% to 50%, African governments must gradually reduce and ultimately eliminate tariff and non-tariff barriers. This call was made at a panel meeting last Friday with the theme of "Positioning African exports as the forefront of global trade". Small and medium-sized enterprises account for 90% of global trade and 70% of global employment. We cannot ignore them, "she said." The key is to enable them to explore market opportunities through relevant systems and mechanisms. "Taking Cote d'Ivoire as an example, she pointed out that lifting tariffs could increase its exports by more than 25%. He stated that the system saves Africa over $5 billion in transaction costs annually. The Pan African Payment and Settlement System (PAPSS) connects 17 central banks, 12 exchange operators, and 52 commercial banks, aiming to simplify cross-border payments and unleash the potential of intra African trade.