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New study evaluates potential for nitrogen interventions to combat climate change (Engineering News)
An international research team has combined multidisciplinary methods to evaluate how nitrogen interventions could improve air quality and reduce nitrogen deposition. The study, published in scientific journal Science Advances in August, found that interventions, such as improving fuel combustion conditions, increasing agricultural nitrogen use efficiency, and reducing food loss and waste, could significantly lower premature deaths attributable to air pollution, crop losses and ecosystems risks.
Food and energy production have caused substantial nitrogen pollution, affecting air and water quality and posing risks to the climate and ecosystems. The new study shows how nitrogen interventions can reduce pollution, improving health, and supporting the UN’s Sustainable Development Goals (SDGs).
The researchers, therefore, posit that a gap exists between traditional nitrogen budget research, which tracks nitrogen flows across air, water and soil, but lacks detail on biogeochemical transformations, and Earth science research, which models these transformations but usually focuses on a single environmental medium.
Climate change re-modelling coffee value chains globally (The Standard)
G20: A Call To Action For Climate Change, But Will It Be Enough? (BW Businessworld)
Exports up 8.7 percent between January-May (Zimtrade)
Zimbabwe is witnessing a remarkable growth in the export sector, with recent figures showing that external trade went up by 8.7 percent between January and May this year, compared to same period last year. Statistics recently released by Zimstat shows that exports grew to US$2.82 billion, from US$2.59 billion recorded during the review period last year. This growth is on the back of President E. D Mnangagwa’s successful campaign to position Zimbabwe as a key player in the regional and global supply chains.
Further to the substantial growth in exports, there has been a notable reduction in the trade deficit. Figures show that imports grew by a mere 0.8 percent, from US$3.56 billion in 2023 to US$3.59 billion this year. This modest increase in imports, combined with the substantial growth in exports, has led to a significant reduction in the trade deficit. For the period under review, the trade deficit stood at US$733 million, a massive 20 percent drop from the US$972 million recorded during the same period in 2023.
Fintech key in driving up digital economy (Tanzania Daily News)
The Bank of Tanzania (BoT) has underscored the critical role of fintech and financial inclusion in propelling Tanzania’s digital economy forward. At the recently held Tanzania Industry Forum hosted by Mastercard in Dar es Salaam, the central bank emphasised the transformative power of innovative payment solutions in expanding financial access to previously underserved populations.
Sadiki Nyanzowa, BoT’s Acting Director for Financial Deepening and Inclusion, highlighted the pivotal role of fintech companies in revolutionising the payment landscape through mobile payments, digital wallets, and blockchain technology. These advancements, he said, are key to empowering unbanked individuals and fostering economic growth.
Shehryar Ali, Mastercard’s Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, highlighted the event’s role in promoting collaboration for sustained economic development. He underscored Mastercard’s dedication to advancing economic growth through innovative digital payment solutions and partnerships. By leveraging advanced technology and building strong partnerships, Mastercard aims to create a secure and efficient payment ecosystem that benefits all Tanzanians.
Duplo Sees Boon For Cross-Border B2B Payments In Africa Amid Shortcomings (WeeTracker)
Africa’s cross-border business-to-business (B2B) payments landscape is in line for a transformative shift, predicts a new report by Duplo, a provider of payment solutions for African businesses. These findings suggest evolving global trade dynamics and the advent of innovative payment technologies will catalyse substantial growth in cross-border B2B transactions.
The report, titled “The State of Cross-Border B2B Payments in Africa and its Impact on Trade,” underscores the immense potential of intra-African trade. Despite an estimated value of USD193 B in 2022, accounting for 13.8% of total African trade, the report suggests this figure significantly understates the true scale of commerce due to prevalent informal and underreported transactions. A striking revelation is that 40% of cross-border trade payments between East and West African countries are conducted in cash, with underreporting rates ranging from 12 to 76%.
“As businesses navigate new opportunities and challenges that come with changing global trade patterns, there is an increasing need for efficient and cost-effective cross-border payment solutions,” said Yele Oyekola, CEO and co-founder of Duplo. “Our report highlights the critical role technology can play in overcoming traditional banking limitations. We believe that by embracing these new technologies, businesses can unlock the full potential of intra- and extra-African trade, driving economic growth across the continent.”
Kenya-Uganda tourism benefits from relaxed border restrictions (The East African)
Relaxed border restrictions have been credited for the near double growth in tourism numbers between Kenya and Uganda in the past two years, with two countries implementing joint tourist events to improve integration. Data from the Kenya Association of Hotelkeepers and Caterers (KAHC) shows over 600,000 tourists from two countries visited different tourist centres, compared with 320,000 in 2022.
“Following two highly successful Kenya-Uganda tourism conferences held in the coastal towns of Mombasa and Diani, more citizens in the two countries have increased the urge to visit different tourist attraction centres,” Mr Uganda Consul-General at the Kenyan Coast, Ambassador Paul Mukumbya said. He was speaking during the media launch of the 3rd Uganda-Kenya Coast Tourism Conference in Mombasa.
Synergies between key tourism players from Uganda and the Kenya Coastal region have been built and enhanced where different tourism stakeholders from both countries are already selling both destinations. The partnership will ensure thousands of tourists visiting either Kenya or Uganda move freely between the two countries where they can have breakfast at the beach and lunch in a safari in Uganda. “This initiative aims to attract Kenyan businesspeople and manufacturers to explore opportunities in Uganda, further strengthening the economic ties between the two nations.
Nigeria, Equatorial Guinea sign agreement on gas pipeline (Daily Trust)
President Bola Tinubu and Equatorial Guinean President, Teodoro Obiang Nguema Mbasogo, has signed an agreement on the Gulf of Guinea Pipeline Project. The agreement covered legislative and regulatory measures for the gas pipeline; establishment and operation; transit of natural gas; ownership of the gas pipeline; and general principles. Speaking at the event, President Tinubu said the signing of the agreement will open up new opportunities for gas exploration and employment. The President stated that the two leaders had discussed issues related to the creation of employment, food security, multilateral relations, and conflict resolution mechanisms on the continent during a private meeting that preceded the signing of the agreement.
“Concerning Africa, conflicts and conflict resolution were discussed. We discussed various areas of conflicts and what we can do to promote peace. “We talked about promotion of peace and stability in our countries, and growth and prosperity on our continent. “In the same way that Europe and America have kept themselves and found a solution for their conflicts, we have to look at both inadequate capital, industrialization efforts, research and development programmes, and enlighten our people, navigate our way through problems. “Instead of the crisis and conflicts that we see in the Republic of Congo, and others, we have to look inwards to solve problems ourselves,’’ the President said.
Kenya faces revenue loss as Africa implements free trade (Business Insider Africa)
However, it mentions a key set back for Kenya in the form of revenue loss. “Tariff liberalization leads to a substantial decline in tariff revenue for Kenya, with an average potential loss of Ksh 22.53 billion. Additionally, there is a marginal increase of around 0.1 per cent in imports from African nations in sectors such as manufacturing dairy products and growing crops. At the same time, exports will expand within the region, particularly in countries where Kenya lacked functional trade agreements,” the report reads.
The report also details that despite the potential loss, a few key measures could mitigate the loss, including placing a heavy focus on the country’s industries. “Tailored interventions are needed to protect sensitive sectors. Strengthening domestic industries is vital for the country to fully realize the AfCFTA’s benefits. Ongoing monitoring of trade dynamics within AfCFTA is crucial for adapting to evolving conditions and optimizing opportunities.,” the report reveals.
Kenya exported 35% of its products to fellow African countries, while the remaining 65% was shipped to the international market, between 2011 to 2020.
Sadc region trade barriers frustrate Zim’s industries (The Zimbabwe Independent)
As the Southern African Development Community (Sadc) prepares for its annual summit in Harare tomorrow (17 August), Zimbabwe’s industry has intensified calls for the regional bloc to address persistent trade barriers that are undermining economic stability in member states. The summit will see President Emmerson Mnangagwa assume the chairmanship of the 16-member bloc, a critical platform where the aspirations of Sadc’s 380 million citizens are shaped.
Industry leaders acknowledge that Sadc has made progress in fostering regional cooperation, but they point out that significant challenges remain. Economic fragilities and inadequate infrastructure continue to impede the flow of goods and intra-Sadc trade.
Zimbabwe National Chamber of Commerce (ZNCC) president Tapiwa Karoro said: “Sadc has made a lot of strides in trying to promote intra-Sadc trade. This includes looking at both tariff barriers and non-tariff barriers. “Understandably, each member country is obviously looking to develop its own industrial capacity. I believe that we need to take a pragmatic approach to intra-Sadc trade. “And this pragmatic approach includes being able to look at how the different member states develop to be able to have a comparative advantage,” he added, noting that Sadc stood to benefit from the African Continental Free Trade Area (AfCFTA).
See also:
Trade diplomacy in Sadc: Navigating borders, disputes and resilience (The Zimbabwe Independent)
No to perpetual dependence president unlock value from diverse resources (The Herald)
South Africa must lead SADC reform agenda – DA (Politics Web)
Sadc leaders jet in for summit (The Herald)
State halts import of Comesa sugar, to mop up local market (People Daily)
The Agriculture Food Authority (AFA) has recommended suspension of sugar imports from the Common Market for Eastern and Southern Africa (COMESA) to allow for the mopping up of excess supply in the market. In a plan that looks set to rev up the nation’s foreign earnings, Kenya is planning to start exporting excess sugar.
According to the authority’s Director-General Bruno Linyiru, sugar production in the country has increased over the last couple of months at 84,000 metric tonnes in monthly production against a consumption of 80,000 metric tonnes. “We have more sugar than we need, so we are looking at exporting excess sugar produced by local millers in the market once the necessary legislations are put in place by the government,” said Linyiru in an interview with the People Daily yesterday.
Plans to export the excess sweetener means that going forward, millers will have to reduce their production capacity by 10 per cent to allow the stocks to reduce hence increase in prices which will translate into the increase in the price for cane,” Linyiru said. The sugar export plan by AFA however, comes as a surprise as Kenya has for a long time relied on imports to plug a growing deficit in sugar production.
EAC boss urges private sector to play role in stimulating regional economic growth (The Citizen)
The East African Community (EAC) Secretary General, Ms Veronica Nduva, has urged the private sector to invest in potential sectors to promote the region’s economic growth Apart from the sectors such as manufacturing, agriculture, and services, the sector has been called upon to promote regional integration, trade, and investment to maximise the benefits of economic growth.
Ms Nduva made the comment in Nairobi, Kenya, on Thursday, August 15, 2024, during her meeting with the private sector stakeholders as the meeting was hosted by the Kenya Private Sector Alliance (KEPSA). She said the EAC Secretariat had made great strides to create a favourable environment for the prosperity of the private sector, saying that more still needs to be done. “East Africa needs collaboration between public and private sectors in achieving a more integrated and prosperous East African region, ultimately enhancing the ease of doing business,” she said.
“To reduce protectionism by the EAC partner states, the private sector needs to embrace product diversification, specialisation, and value addition in manufacturing and take advantage of the over 300 million regional markets,” she insisted.
The KEPSA chair, Dr Jas Bedi, said the EAC Secretary General Roundtable had been convened to discuss the need for the region to promote investment and private sector development. Dr Bedi said EAC was still facing challenges in industrialisation as the region remained under-industrialised due to factors like inadequate access to electricity, high production costs, poor infrastructure, and protectionist policies.
The Economic Community of West African States (ECOWAS) is organizing a regional workshop, from 15 to 17 August 2014, in Abuja, Nigeria, to review the implementation of the ECOWAS Informal Trade Regularization Support Programme (PARCI/ITRSP) and propose solutions to funding s and other technical challenges impacting data collection.
At the opening ceremony on Thursday, 15 August 2024, Dr Seydou Sacko, ECOWAS Commission’s Principal Programme Officer Trade Policy, Negotiations and Trade Promotion who spoke on behalf of, ECOWAS Commissioner for Economic Affairs and Agriculture, Ms Massandje TOURE-LITSE, recalled the need to take precise account of informal cross-border trade flows in order to present in a meaningful and appropriate way the real volume of intra-Community trade flows and address the appropriate strategies and political decisions.
Dr Sacko called for a strengthening of collaboration between the relevant stakeholders, namely the National Statistical Institutes, Ministries in charge of Trade, Central Banks and Regional Institutions, to ensure the implementation of ITRSP, in particular the sustainable collection of data on informal cross-border trade (ITC).
In March 2012, ECOWAS adopted the Informal Trade Regularisation Support Programme (ITRSP) to help operationalize the strategy of informal trade in the region. ITRSP provides a diagnosis of informal trade in the region and proposes areas for action with a key component related to the collection of data on informal cross-border trade (TIC).
Standard Chartered commits to driving private sector engagement in AfCFTA (The Business & Financial Times)
Standard Chartered is well-positioned to serve as a key player in driving private sector engagement with the African Continental Free Trade Area (AfCFTA), leveraging its extensive history and network. At a recent Business Roundtable in Ghana, Kariuki Ngari, Chief Executive for Africa at Standard Chartered, emphasised the bank’s commitment to the initiative.
“AfCFTA represents a pivotal moment in Africa’s economic journey. As a bank deeply rooted in the continent’s history, we see it as our responsibility to be at the forefront of this transformation. Our continued investment in trade facilitation is proof of our belief in Africa’s potential,” he said. “We are not just financing trade; we are helping reshape the fabric of intra-African commerce. This is about creating a more integrated, and prosperous Africa, and Standard Chartered is committed to playing a central role in that vision,” Mr. Ngari added. This comes as globalisation continues to power cross-border trade exports from Africa, currently worth US$645.3 billion, which are set to reach US$952 billion by 2035. Moreover, the bank’s focus on sustainability aligns with the broader goals of AfCFTA.
Empowering African women in trade through AfCFTA’s Guided Trade Initiative (ODI)
Intra-African trade helps innovation, and potential global expansion (SowetanLIVE)
Booming South-South trade in fisheries and aquaculture offers a sea of opportunities (UNCTAD)
Global trade in marine fisheries and aquaculture offers big opportunities for sustainable and inclusive economic growth while advancing key Sustainable Development Goals (SDGs), particularly improving food security and eliminating hunger (SDG 2) and protecting life below water (SDG 14). The sector, including fish, crustaceans, molluscs, seaweed and many value-added aquatic by-products, saw global exports hit $186 billion in 2022, up 63% from $114 billion in 2012.
Notably, South-South trade – commerce between developing countries – has surged across various fisheries sectors, including marine fisheries, aquaculture, fish processing and fishing vessels. According to new UN Trade and Development (UNCTAD) analysis, this trade more than doubled from around $19 billion in 2012 to $39 billion in 2022.
This growth in South-South trade in fisheries and aquaculture contrasts with traditional trade patterns, in which developing countries primarily export to advanced markets. “This shift signifies a new era where developing countries are increasingly trading with each other,” Mr. Vivas Eugui says.
South-South trade, Mr. Vivas Eugui says, allows developing countries to retain more economic benefits locally, create jobs and foster innovation in both food and non-food marine-based products. In the fisheries and aquaculture sectors, it also improves food security and increases access to protein-rich foods, particularly for coastal populations.
India to host 3rd Voice of Global South Summit as a platform for sustainable development and collective empowerment (India News Network)
On Saturday (August 17, 2024), India will host the 3rd Voice of Global South Summit, an event that has garnered significant attention as a powerful platform for nations in the Global South to voice their concerns, share their experiences, and propose collective solutions to the world’s most pressing challenges. With the overarching theme “An Empowered Global South for a Sustainable Future,” the Summit, to be held virtually, aims to deepen the discussions initiated in the previous summits.
The focus will be on a range of complex challenges that disproportionately affect developing countries, including conflicts, food and energy security crises, and climate change. These issues have been exacerbated by recent global events, including ongoing conflicts and the lingering effects of the Covid-19 pandemic. At the heart of the summit’s agenda is the recognition that the Global South must play a central role in shaping solutions to these challenges. The summit will provide a platform for leaders to share their experiences, identify common priorities, and propose strategies for sustainable development that are tailored to the unique needs of their countries.
AU influence at the upcoming Global South Summit in New Delhi (IOL)
