Author:
Abstract:
In recent years, positive changes have taken place in the foreign trade of African countries. Gradually, albeit slowly, its commodity structure improves. Although the raw material component in the commodity structure of exports is still high, and more than a dozen countries depend on the export of one or two products to a very high degree, the share of finished goods is growing rapidly in it. African countries are exporting finished goods both to the countries of the South and to many developed countries. African producers are embedded in global value chains. The commodity structure of trade has noticeably improved. The terms of trade have significantly improved. Over the past two decades, there has been a significant diversification in the geographical distribution of both export and import flows. Trade relations along the South-South lines are developing steadily. A major contribution to their development is made by intra-African economic integration and inter-African trade. Inter-African trade relations are successfully developing, which is facilitated by the improving system of intra-regional trade links. Between their members, tariff and non-tariff restrictions have been eliminated or signifi-cantly reduced. In general, it can be stated that over the past two decades the effectiveness of the foreign trade of the continent has significantly increased, and its contribution to strengthen-ing of their economic potential has grown.
Keywords:
Grand Challenges, megacolaborations, Africa, Russia, foreign trade, modernization, export orientation, global value chains
References:
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