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Regional Trade Ties Hold Key to Africa’s Economic Growth

Africa doesn’t need to follow the Asian development model focused on exporting manufactured goods to richer countries — it could become significantly better off simply by producing more of what it consumes at home, according to Bloomberg Economics. There’s huge potential for growth in intra-African commerce, which currently accounts for just 15% of total African trade. But high transport costs means that sub-regional integration is more likely to deliver gains with the East African Community, which may soon include the Democratic Republic of Congo, leading the way.