Lusa - Business News - Portugal: Free trade zone for Africa continent is ingredient for peace - minister

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	ATA - Hasani: European integration, our great obligation to new generations TIRANA,May.9/ATA/The Minister for Europe and Foreign Affairs,Igli Hasani, said on Thursday that Europe will be more complete with the integration of the Western Balkan region....
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	Lusa - Business News - Portugal: Stock market trading lower on Thursday morning Lisbon, May 9,2024 (Lusa) - The Lisbon stock market was trading lower on Thursday morning, with shares in EDP Renováveis and EDP leading the losses,...
	Lusa - Business News - Mozambique: Sovereign wealth fund pocketed $94.2M in Q1 from oil, LNG Maputo, May.9,2024(Lusa) - In the first quarter of the year, the state collected US$94.2 million (€87.4 million) in revenues from oil and natural gas exploration,...
	Lusa - Business News - Cabo Verde: Country could be reference for health services in region - president Dallas, United States, May 9, 2024 (Lusa) - Cabo Verde hopes to establish close co-operation with the United States, especially in the area of health,...
	Lusa - Business News - Portugal: Portuguese among most pro-EU, support Ukraine accession - survey Lisbon, May.9,2024 (Lusa) - Portugal is among the most pro-European Union (EU) countries, mainly supporting Ukraine's accession and advocating more decisions on the Israeli-Palestinian conflict,...
	Lusa - Business News - Portugal: Ex-PM passionate about Europe; we hope to see him involved - president Lisbon, May 9,2024 (Lusa) - Portugal's president has described former prime minister, António Costa, as "passionate about Europe", praised his performance within the European framework...
	Lusa - Business News - Portugal: Freedom of expression exists in a democracy - president Lisbon, May.9,2024(Lusa) - Portugal's president has refused to comment on the initiative announced by the right-wing Chega Party against him for statements he has made,...
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Lusa - Business News - Portugal: Free trade zone for Africa continent is ingredient for peace - minister

Carcavelos, Lisbon, July 19,2023 (Lusa) - The Portuguese minister of foreign affairs, João Gomes Cravinho, argued on Wednesday in Carcavelos, on the outskirts of Lisbon, that "sustainable financing and economic cooperation are two ingredients for peace".
The minister, who was speaking at the EurAfrican Forum, which has been taking place in Cascais since Tuesday and ends today, stressed that the designation of 2023 by the African Union as the "year of acceleration of the implementation of the African Continental Free Trade Area" is the "right focus".
"This is exactly the right focus. A recent report by the United Nations Economic Commission for Africa concluded that increased trade among African countries leads to the emergence and consolidation of the triple bottom line - peace, humanitarian support and development," said João Gomes Cravinho.
"Nations that trade together are less likely to go to war and trade can facilitate the transition from a more fragile development environment to a more sustainable one," he said.
"Transnational projects and interlinked value chains in Africa can therefore help create a common basis for stabilising regional crises. In other words, the African Continental Free Trade Area is an ingredient for peace," he emphasised.
Despite the challenges, as he said was the "creation of the largest single market in the world", with 1.3 billion people and a combined gross domestic product of $3.4 trillion (€3 trillion), Gomes Cravinho emphasised the role of European countries "as friends of Africa" in "finding ways to support this process".
"One of the main challenges is the cost of borrowing, which for African countries is at least four times higher than for more developed economies. Currently, there are no less than 52 countries, mostly in the developing world and many of them African, that are in serious debt problems," he said, drawing on the statement made last week by UN Secretary-General António Guterres.
As an example of the help that Europe can give to Africa, Gomes Cravinho gave the example of the signing, about a month ago, by Portugal and Cabo Verde, of an agreement for the financial contribution of an Environmental Climate Fund created by the Cabo Verdean authorities to accelerate the climate transition.
"This fund will already have about 12 million euros, the amount of Cabo Verde's debt to Portugal that matures by 2025, for investment that promotes the green and blue transitions in Cabo Verde. In 2025, an evaluation will be made and if the experience is positive, the Fund can be significantly strengthened," he explained.
According to Gomes Cravinho, this conversion of debt into green investment "is an important contribution by Portugal in the design of new solutions, adapted to the reality of each country, to respond to global challenges".
Portugal's expectation is that this model will "be repeated in other contexts with other countries".
EL/AYLS // AYLS
Lusa

Agency : LUSA
Date : 2023-07-20 12:27:00

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