Trade Globalization: Africa is now in the era of exchange

Harboursandport.com: Berlin - The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi has explained that the African continent is currently experiencing the exchange era in the on-going globalization and trade.

Commissioner EU Commissioner for Trade European Parliament, Ellen Cecilia Malmstroem; Chief US Economist and Managing Director Morgan Stanley, Ellen Zentner; Managing Director/Chief Economist Asia-Pacific Vanguard Investment Strategy Group, Dr. Qian Wang; Managing Director of LADOL, Dr. Amy Jadesimi; Chief Strategy Policy Analyst to the Secretary-General and Chairman of the Military Committee NATO, Dr. Stefanie Babst, and the moderator/ Chief Correspondent Deutsche Welle TV, Melinda Crane at the opening high level panel of the Global Female Leaders Summit 2019 an Economic Forum for Female Executives in Berlin.

Jadesimi said that Africa has broadly experienced four different ages of globalization; Exploration, Exploitation, Expropriation, and Exchange.

According to her, “The Era of Exchange based Globalization and trade is just beginning. To succeed it requires trade between equals, that is, a level playing field through which all participants, from nation states to private companies, benefit.”

A statement signed by Public Relations Officer of LADOL, Mr.Olakunle Kalejaye, noted that the Ladol boss, who was one of the five global leaders who spoke on the opening panel of the ongoing Global Female Leaders’ Summit 2019 (GFL), an Economic Forum for Female Executives, held Tuesday in Berlin, Germany.

She further suggested that for Exchange based Trade to be practically applicable, countries and companies in Africa need to invest in and develop higher local capacity and quality within sustainable business models, as it is already happening in companies such as LADOL, and will lead to a significant increase in the global Gross Domestic Product, GDP, as well as decreases in inequality and increases prosperity.

In addition, she stated that Sustainable Globalization requires the effort of the World Trade Organization (WTO) and high income, low growth countries to recognize that current trade policies were not designed to lead to equality and prosperity for all.

Also, that without radical reforms, the current global trade practices will further entrench a status quo that is undermining previous gains made through trade for high income countries, as well as increasing inequality across the world and making it harder for countries in Africa to lift their people out of poverty.

“The Nigerian government has taken real steps to support the indigenous private sector in Nigeria and allow it to operate, add value and grow - when our private sector is the same size as the public sector Nigeria we will be part of the G20.”

“Many positive lessons can be learnt from the formation and positive impact of the EU on its member states, including the fact that the EU protected its markets from non-EU countries until it had reached a certain level of industrialization. AU is potentially one of the most important institutions we have to develop Africa, as long as look inward and develop African capacity for engineering, manufacturing and trading within the AU” she said.

GFL is an Economic Forum for Female Executives that is currently holding for the 6^th time.