African and Latin American trade ministers adopted the Marrakech road map which aims at the consolidation of a strategic South-South trade, during a meeting in Marrakech, Morocco.
African and Latin American trade ministers have shown a common will to create an appropriate framework to develop trade between the two continents by adopting the Marrakech road map, in a meeting, held between June 17 and 19 in Marrakech, Morocco.
This approach, to which African countries freely adhere, consists of the removal of various obstacles that have crippled trade between African and South American countries, including the diversification of exports as well as the reduction of Taxes.
The idea dates back to November 2006, when representatives from the two continents met in Abuja, Nigeria and decided to consolidate trade and create a new space where member countries could benefit from a common market.
This first conference brought the two continents closer together as it raised real global economic issues, including the rising cost of raw materials with consequences that have negatively impacted developing countries.
Encouraging trade liberalization among developing countries in a global market dictated by prices from northern countries, analysts noted that South-South trade registered an increase from $577 billion in 1995 to over $2000 billion in 2006, representing 17 per cent of world trade.