Trade, Not Aid for Africa

Bhuwan Thapaliya writes "...What is little noticed by the rest of the world is that much of Africa is in the midst of an economic revolution. Though poor by global standards, there is a big chance for Africa to forge its own future...The best thing that America and Europe can do for Africa is not to give it handouts but to reduce trade barriers and buy the products that Africa is capable of producing competitively -- not just agricultural products but also labor-intensive manufactured goods such as textiles...Africa has the trade routes and the potential to industrialize through export-oriented manufactures, but it still faces many formidable difficulties.To join the global economy, for instance, African nations must cut tariffs. These taxes, however, are often a vital source of revenue. In such a situation temporary balance-of-payments support, together with generous debt relief, makes sense..."