Crop Biotech Net

According to the report, trade barriers imposed by the EU limits the access of developing countries to the European market, which is considered the richest in the world. The EU trade barriers are said to slow down the development of the poorest countries in the world, and one of these is Africa.

The authors say that “if Africa could increase its share of world trade by just one percent, it would earn an additional £49 billion a year. This would be enough to lift 128 million people out of extreme poverty. If the poorest countries as a whole could increase their share of world exports by five per cent, that would generate £248 billion or $350 billion, raising millions more out of extreme poverty.”

The EU, the United States, Japan and Canada account for 75% of the world’s output. These countries are the supposed destinations for exports from the poorest countries. While these countries are discussing world trade liberalization, they are said to have kept their domestic markets closed to agricultural and textile exports from the developing world.

The authors conclude that “for the European Union to open its markets to the poorest countries of the world is the moral, humane thing to do. It is also directly of benefit to the true interests of European consumers and producers, and the interests of everyone.”