Economic development in Africa: Rethinking the foundations of export diversification in Africa - The catalytic role of business and financial services

The Trade and Development Board

1. Welcomes the UNCTAD secretariat’s Economic Development in Africa Report 2022: Rethinking the Foundations of Export Diversification in Africa – The Catalytic Role of Business and Financial Services and its policy recommendations for more effective and impactful diversification to build resilience of African economies and reduce their vulnerability to global shocks;
    
2. Takes note of the report’s main policy messages, including on how African countries can diversify their economies and boost exports of high-value services, through an expanded set of technologies and infrastructure and improved access to innovative financial, business and information and communications technology services;
    
3. Recognizes the report’s observation of existing barriers to trade in services, including legal, regulator and financial infrastructure uncertainties and, in this regard, notes the importance of the African Continental Free Trade Area in addressing such barriers to trade in services;
    
4. Reiterates the need to promote national and regional policies that address key constraints and facilitate trade in services, including through local and regional linkages, to leverage the African Continental Free Trade Area and maximize African countries’ recovery efforts and commitment to more inclusive and sustainable growth;
    
5. Invites development partners to support African countries, in partnership with the private sector, in their export diversification efforts, and takes note of the importance of innovation and technology in strengthening the catalytic role of business and financial services;
    
6. Requests that the UNCTAD secretariat continue providing economic research and policy analysis and data tools to support African countries in their efforts to build productive capacities and towards achieving export diversification.