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IOL News
14-07-2025
- Business
- IOL News
Groundhog Day within A Bipolar World, But A New Economic World Order for Africa: A Crucial Opportunity To Propel the African Continental Free Trade Area
Dr Dawn Isabel Nagar discusses the challenges and opportunities facing Africa in a bipolar world, highlighting the potential for the African Continental Free Trade Area to drive economic growth and development. Image: IOL / Ron AI By Dr Dawn Isabel Nagar, University of Johannesburg, South Africa The world has become like Groundhog Day with the old issues infused with the new ones – a deja vu – an unfortunate reality, a serious hopelessness, which will certainly not reach the United Nations (UN) 2030 Global Sustainable Development Goals (SDGs) Agenda, fast becoming a pipe-dream. Amid the sea of chaos, is an emergence of a new economic world order, provided to Africa, a great opportunity to use Putman's two-level game theory to its advantage ; see also Nagar, 'UN-AU Relations: Towards Sustainable Peace and Economic Development: The Attainment of Agenda 2063' in, African Union and Agenda 2063: Past, Present and Future Matlosa and Adeola, eds., UJ Press, 2025. The world's ongoing wars clearly shows a pattern of economic deluge, particularly for least developed and developed states. The severity of economic impacts is continuing – with an ever-evolving amoeba effect – changing shapes –shape-shifters, but always the same issues at play. Currently: the world is facing a dangerous bipolar world order, where superpower rivalry of the world's largest economies: China and the US is competing for power. The US is determined to uphold its slogan of 'making America great again'. Greed and grievance are placing Israel and the US at the forefront of how global order ought to flow in defiance of multilateralism. Globally, multilateralism is to move states and societies across boundaries: criss-crossing trade, politics and security – the world is supposedly to be interconnected. But the UN 1945 Charter with all its critical organs is stifled and severely challenged. Several policies are closing borders while others display dangerous schizophrenic state behaviour. Geopolitics are displaying danger to world order. Such behaviours are demonstrated in great appetites to expand and gobble up countries, for example (the case of Canada against the US, 2025). Similarly, the same superpower is displaying double standards and shouting 'racism' and land-grabbers. Such are the false accusations made against South Africa, accusing the country of expelling their White farmers. A dangerous rhetoric promoted by a superpower's attempts to destroy a peaceful South Africa (the case of South Africa against the US, 2025). Africa must not be swayed by world chaos. Particularly with a country such as South Africa that has transitioned from a devastating apartheid past into a peaceful democracy and boast a government of national unity. Africa must unite against barbaric behaviours and hold fast to it its democratic principles and be determined not to import racism. These are all done in attempts to derail Africa's powerhouse: South Africa. This country has great leverage to elevate the African Continental Free Trade Area (AfCFTA) with other strong industrialised Africa economies, such as the Seychelles, Mauritius, Egypt, Nigeria, Kenya, Rwanda, Ghana and among others, particularly at the forthcoming Group of Twenty States (G20) November 2025 summit. Africa's key instrument is a crucial pillar – a contemporary club in hand –– the African Continental Free Trade Area: and can drive its own agenda of greater value-addition and industrialisation among its 55 member states. This new economic world order is coming as a great opportunity to Africa's advantage and challenge this international disorder and to oppose neo-colonialist, neo-mercantilist, neo-realist and racist policies of the superpowers such as the US, (which will soon turn realism to its own demise) and to Africa's advantage. Video Player is loading. 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Advertisement Next Stay Close ✕ Africa's interdependency among and between states should become more and more reliant within the bloc. The fourth industrial revolution (4IR/4.0) and soon to enter Fifth Industrial Revolution (5IR/5.0) era, where artificial intelligence and technological advancements is moving at a tumultuous pace offers great opportunity for a youthful Africa (60 percent of its 1.4 billion people are youth). However, in a bipolar world order, when power dynamics and greed work against the stream – and while the world is going forward the dictates of realism is moving the world into the opposite direction, which is having catastrophic effects (and are growing at an exponential pace) within the international relations systems. As realism dictates: within the international relations discipline: powerful states will use their economic and military muscle to achieve their parochial interests at all costs, and in-so-doing such actions have consequences. These consequences mean the pursuit of wars, humanitarian disasters, the loss of millions of lives, internally displaced persons, and the increased numbers of economies plummeting – regardless: the interests of the realist state in its entirety takes preference. On Africa's part, the continent with the most least developed and poverty-stricken states in the world, just minutes into President Trump's presidency, had to experience the wrath of the Trump Administration's tariff hikes. President Trump indeed fulfilled his campaign promises that brought him into power (see particularly, Dr Dawn Nagar, <"How President Donald Trump's cutting off of SA's US funding helps Africa fight 'begging bowl syndrome">, Independent Online, March 2025; and 30 years of South Africa's Regional Economic Integration Role in Southern Africa and Its Attempt to Improve SADC's Regional Political Economy: Progress, Problems and Prospects, 1994–2024', Dawn Nagar, 2025 research paper, SAIIA forthcoming]). The AfCFTA must be the priority and top the agenda at the forthcoming G20 summit – the body which was established in December 1999 at a Berlin Conference – a crucial intergovernmental economic forum comprising 19 countries and two regional unions – the European Union (EU) and the African Union, which South Africa will be hosting in November 2025. South Africa must address its comparative advantage initiatives to South Africa's G20 theme: Solidarity, Equality, and Sustainable Development aligned to the AfCFTA. Africa's issues must be pursued with the correct trading partners at the G20 November 2025 Summit meeting in South Africa. Within a new economic world order and to become the game-changer, the AfCFTA must accurately address pressing continental-wide sustainable development gaps and challenges important to its people. The bloc must consider clear rules of engagement with strategic international partners. Africa has great potential, for example, North, West, Southern and East Africa are all oil crude petroleum producing countries with Africa comprising 7 countries of the 15-member of the Organisation of the Petroleum Producing Countries (OPEC) including: Algeria, Angola, Congo Brazzaville, Equatorial Guinea, Gabon, Libya, and Nigeria; these states must use their comparative advantage to build the AfCFTA. On South Africa's part, this country's automotive sector is not shallow and have the resources and research at hand to propel its automotive industry, .' To produce value-add industrialisation that considers climate change and the environment, require solid research and development knowledge that is clear and precise on how to capture and create carbon carriers and storage – and the University of Johannesburg has solid research-backing and leading on these issues. The AfCFTA must use academic muscle to propel Africa's continental goals at the 2025 G20 Summit. For example, the University of Johannesburg recently on 18 June 2025 ranked number one in South Africa and the African continent. UJ affirmed its global leadership in sustainable development, retaining a remarkable position #1 in South Africa and on the African continent. Also see 2025 Times Higher Education (THE) Impact Rankings released on, 18 June 2025. UJ is a leader in green hydrogen renewable energy; education, electrical and chemical engineering, automobile industry; law; neurodiversity; chemical engineering; health sciences; chemical sciences, actuarial sciences, sport and a robust alumni-base globally, and among other critical research and development initiatives. Taking into account who to engage with in trade is crucial within a new economic world order and to be the game-changer for the AfCFTA to address pressing continental-wide sustainable development gaps and challenges. Trade agreements must inculcate a multiplier effect in building small and medium-sized businesses through building cooperatives that can access stock exchange markets. South Africa's President Honourable Cyril Ramaphosa will indeed be handing over well-established reins to the next G20 Trump Administration presidency chairmanship – and indeed it will not be an unceremonious occasion – in matching the dots for our country with the African continental member states by using the AfCFTA as the anchor. (Please note: that these views are those of the author and not those of the University of Johannesburg). ** The views expressed do not necessarily reflect the views of IOL or Independent Media.
The Star
27-05-2025
- Business
- The Star
China ready to work with Asean, GCC for development, says Premier
KUALA LUMPUR: China is ready to work with Asean and the Gulf Cooperation Council (GCC) to leverage synergy for shared development and prosperity, says Chinese Premier Li Qiang. He said that the cooperation between China, Asean, and the GCC accounts for about a quarter of the world's population and economic output. "As Chinese President Xi Jinping said, 'To emerge from the fog and reach the summit', the greatest power is unity, and the most effective method is collective cooperation," he added. Li then said that China is ready to work with Asean and the GCC to fully leverage the synergy of '1 + 1 + 1 > 3', becoming a powerful driving force for our shared development and prosperity. He said this in his opening remarks at the inaugural Asean-GCC-China Summit themed "Synergising Economic Opportunities Towards Shared Prosperity" on Tuesday (May 27). Also present were Prime Minister Datuk Seri Anwar Ibrahim and Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, the president of the current session of the Supreme Council of the GCC. By connecting the three markets, Li said the three blocs can unlock greater development potential and stronger economies of scale. "China and Asean have completed negotiations on the upgraded version 3.0 of the Free Trade Area agreement. We look forward to all parties swiftly concluding negotiations on a China-GCC Free Trade Agreement,' he said. Li added that this can help raise the level of trilateral trade. "We must remain committed to expanding regional openness and strive to turn our three regions into a shared mega-market," he said. He added that resources, technology, and talent should flow more efficiently, and trade and investment should become freer and more convenient. Li then said China aims to create a model for cooperation across different stages of development. "The three stakeholders are at different stages in their development journeys, but I believe these differences offer opportunities for complementarity and synergy," he said. Li also said that China is willing, on the basis of mutual respect and equality, to align development strategies with Asean and the GCC. "We should turn each party's strengths into shared strengths while helping each other tackle new development challenges. Together, we can pioneer new models of international industrial and economic cooperation,' said Li. "We can work toward a system where each contributes what they can and shares in the collective prosperity," he added. He proposed creating a model of cross-civilisational integration where the three blocs are homes to diverse communities. "We share the values of peace, cooperation, openness, and inclusiveness. We should promote deeper cultural exchanges to solidify the foundation of our shared renewal,' said Li. "We can manage differences through mutual understanding and stimulate mutually beneficial cooperation through the exchange of ideas and wisdom. This will help us explore a new path of inclusive and progressive interaction among civilisations," he added.
New York Post
14-05-2025
- Politics
- New York Post
Trump's Middle East tour: Letters to the Editor — May 15, 2025
The Issue: President Trump's diplomatic trip to Saudi Arabia, Qatar and the United Arab Emirates. President Trump's meetings in Saudi Arabia, Qatar and the United Arab Emirates are being closely watched by allies and adversaries. ('Trump's Mideast Vision,' Editorial, May 14). Advertisement After working on foreign policy for decades, President Joe Biden was a total failure in the Middle East. Those failures make Trump's diplomatic work to restore stable relations tricky, but not impossible. Trump and Secretary of State Marco Rubio can initiate a desperately needed reset of US-Middle East relationships to deter aggression, safeguard American interests in the region and counter further threats from Iran. James Patterson Advertisement Washington, DC Reading about Trump's visit to the Middle East, I think he is doing what former President George W. Bush started but never completed — creating a Middle East Free Trade Area. Now I understand the meaning of the quote: 'George Washington created the presidency and John Adams defined it.' Advertisement Trump is defining his style, knowing the complex dynamics of the global community, and in the process, he is defining his presidency. Just like the song: 'My Way' by Frank Sinatra. Anant Nagpur Ottawa, Canada As an American, I'm so proud of Trump's visit to the Middle East. Advertisement I was proud to see him carry himself so professionally and presidentially in Saudi Arabia, representing America while showing respect toward Crown Prince Mohammed bin Salman and his country. Mo Colarusso Manhattan Sen. Chris Murphy is calling the Trump trip to the Middle East a 'public corruption tour.' These do-nothing Democrats find absolutely nothing this president does well, in any sense of the word. Where were these morons during the last four years, when we had open borders, high inflation, crime on the rise and no trade deals at all? I truly believe if Trump cured cancer, they would say 'cancer is a good thing.' President John Kennedy must be rolling over in his grave looking at the Democratic Party of today. Advertisement He'd now be a Republican. Philip Vallone Ossining Advertisement The Issue: Not enough air-traffic controllers at Newark Airport amid 45-day 'trauma leaves.' I hesitantly write this letter condemning the air-traffic controllers who opted for 45-day extended leaves from their critically important duties guiding commercial airliners at Newark Liberty International Airport due to stress ('Newark fly by fright,' May 13). I'm not sure how much they regard the safety of innocent passengers, who rely on them being in their positions in the tower. This is especially hurtful when we all remember the recent preventable catastrophe in Washington, DC, where a commercial jetliner crashed with a US Army helicopter. Advertisement Joe Torrillo Manalapan, NJ The air-traffic-control-system debacle is another mess left behind by former President Joe Biden and his fumbling, stumbling crew. Be it air, rail or sea, whenever there was a crisis, it seems Biden Transportation Secretary Pete Buttigieg was away on paternity leave or globe-trotting with his husband. Advertisement Nicholas Maffei Yonkers This airport is an accident waiting in the wings. At one point, there was only one air-traffic controller in charge. Sean Duffy did indeed blame the Biden administration for the existing chaos, but it's time to put that aside and get a safe airport in order. Ron Zajicek Cortlandt Want to weigh in on today's stories? Send your thoughts (along with your full name and city of residence) to letters@ Letters are subject to editing for clarity, length, accuracy, and style.
Scoop
13-05-2025
- Business
- Scoop
APEC Trade Officials Lay Groundwork For Ministerial Meeting
Issued by the APEC Committee on Trade and Investment Jeju, Republic of Korea, 11 May 2025 Trade and investment officials from the 21 APEC member economies gathered in Jeju for the second meeting of the Committee on Trade and Investment, laying critical groundwork ahead of next week's APEC Ministers Responsible for Trade Meeting. Amid persistent global economic uncertainty, the meeting underscored APEC's enduring role in maintaining open and predictable trade and investment systems. Under Korea's host year theme of 'Building a Sustainable Tomorrow: Connect, Innovate, Prosper,' members discussed how APEC can support the multilateral trading system, and reviewed concrete proposals to advance the Free Trade Area of the Asia Pacific (FTAAP) agenda, boost digital trade, strengthen supply chain resilience and connectivity, and deepen cooperation on sustainable and inclusive growth initiatives. 'In Jeju, APEC economies came together with a clear mission: to advance technical work so our ministers can deliver strong, collective outcomes next week,' said Christopher Tan, Chair of the Committee on Trade and Investment (CTI). 'As we head toward the Ministers Responsible for Trade Meeting, the spirit of collaboration remains our strongest asset. APEC thrives when we work together—constructively, inclusively and with purpose,' Tan added. Among the key items discussed were Korea's flagship deliverables for 2025, including the APEC Artificial Intelligence Initiative and the Collaborative Framework on Demographic Change. The AI initiative aims to drive economic growth and resilience by enhancing AI readiness, strengthening institutional and workforce capacities, and catalyzing investment in sustainable digital infrastructure. The demographic framework, meanwhile, seeks to address region-wide challenges such as aging populations and labor shortages through cross-border collaboration, human resource mobility and structural reforms. The meeting also heard updates from the APEC Business Advisory Council (ABAC), which called on economies to support the multilateral trading system with the WTO as its core. ABAC reiterated the importance of the Investment Facilitation for Development Agreement, the E-Commerce Agreement and the establishment of a permanent E-Commerce Moratorium. The council also emphasized the need for early FTAAP deliverables, greener trade practices and inclusive policies that champion universal economic participation and empower women and small businesses, as well as the establishment of a Centre of Excellence for Paperless Trade. Another highlight was the discussion on the Implementation Plan for the Lima Roadmap (2025–2040), a regional strategy to support informal economic actors in transitioning to the formal and global economy. The plan encourages APEC economies to align policies and capacity-building efforts to foster entrepreneurship, digital access, and financial inclusion. Members also deliberated on advancing the FTAAP agenda, with the CTI holding its first policy dialogue under the Ichma Statement that discussed on how APEC can improve trade facilitation amongst members as well as increase the convergence of regional trade agreements. Members discussed proposals on capacity building, paperless trade, digital trade and support for women participation in global value chain. Looking ahead, outcomes from this meeting will directly inform ministerial discussions on 15–16 May in Jeju, where APEC trade ministers are expected to chart the region's path on priorities such as WTO reform, inclusive digital trade, and regional economic integration.
Zawya
25-04-2025
- Business
- Zawya
How global volatility and international family businesses are shaping private and investment banking in Africa?
Africa presents a compelling – albeit complex – investment landscape. While challenges such as political instability, currency volatility and limited liquidity persist, they are counterbalanced by significant opportunities. These growth options are driven by powerful demographic shifts, digital transformation and burgeoning intra-continental trade, catalysed by initiatives like the African Continental Free Trade Area (AfCFTA). As the Boston Consulting Group (BCG) highlights, growth in private capital deals on the continent has significantly outpaced global averages, yet assets under management remain underpenetrated compared to global benchmarks, signalling substantial room for growth. Africa's dynamic investment landscape requires strategic insight and sophisticated support. Despite varied historical private equity returns, targeted strategies have yielded substantial rewards, with nearly a quarter of Africa-focused funds achieving net internal rates of return exceeding 15% over the past decade. This illustrates the significant opportunities for private and investment banking on the continent, driven by three key trends: renewed global appetite for African investment, evolving needs of multi-generational family businesses, and the increasingly global nature of these families and their enterprises. A growing appetite for African investment amid global volatility The investment banking sector has seen a resurgence of interest in Africa from global investors. As Amol Prabhu, Country chief executive officer: South Africa & Market Head for Barclays, observes, this shift is partly driven by a re-evaluation of risk in markets previously considered safe. Some investors, he suggests, now perceive traditionally 'safer' regions as presenting new challenges due to US trade protectionism and its impact on markets. These factors drive investors to look elsewhere for diversification because 'taking on a bit more risk makes sense if the potential for higher returns is strong,' Prabhu adds. This appetite manifests in two ways: Navigating nuance and risk: Investors know that opportunities and risks vary significantly across Africa's 54 nations. Those willing to embrace calculated risks for potentially higher returns require partners who understand the specific market nuances. As Prabhu emphasises, focusing on specific regions, like South Africa, Kenya, Nigeria, and Ghana, allows for deeper market insights and, thus, greater ability to mitigate risk. Identifying emerging opportunities: Beyond risk mitigation, investors want to know where the opportunities for growth lie. Prabhu says, 'Investors want greater insights into what is happening on the ground. They're asking which sectors hold the greatest opportunities, and they want a partner who gets the local landscape.' The continent's young demographics underpin substantial consumer market potential in areas like financial and digital services. Additionally, Africa holds vast reserves crucial for global decarbonisation, which will future-proof its commodity markets. Prabhu adds, 'You must remain informed and agile enough to capitalise on these opportunities – a process that is much easier when you have the right partner to guide your exposure to different markets.' Supporting the evolution of multi-generational family businesses Multi-generational family businesses remain a cornerstone of wealth creation across Africa, and private banking is adapting to better serve their needs. Prabhu highlights the common dynamic where 'founders or original wealth creators tend to be very entrepreneurial in their mindset, having built a successful enterprise from an idea decades ago. Their families are now highly educated, completing globally competitive degrees anywhere from Lagos and Accra to Johannesburg or London, and they are now taking over the family business.' The key trend now involves the transition within these families. As Prabhu explains, subsequent generations have expanded skill sets and are professionalising the businesses, moving them from family-run operations to formally managed enterprises. This wealth transfer requires tailored private banking support that understands both the family legacy and the business's future direction. The globalisation of families and the need for integrated banking Linked to the evolution of family businesses is their increasingly global footprint. Parents may be based in Nairobi, with one child running operations locally and another child working in Dubai or studying in the UK. This geographical dispersion creates significant complexity, encompassing collective and individual wealth, as well as globalised business interests. The family business now has to navigate intricate tax, regulatory, and compliance requirements across multiple jurisdictions. This challenge requires a shift towards integrated, multi-service banking where clients need a spectrum of services beyond private wealth management, potentially including corporate and investment banking, retail accounts, and credit facilities across different jurisdictions. For customers, the value lies in simplifying this complexity. Prabhu highlights the importance of being equipped to serve clients' varied needs across products and locations. 'There should be a single primary advisor who is a gateway to the bank's broader global offering. In some cases, this can extend to relationship-driven support, which goes beyond traditional banking, a reality that is increasingly essential for managing the intricate affairs of global families and their businesses.' A pivotal moment to spotlight Africa's potential While Africa presents exciting investment opportunities, it takes expertise and diligence to unlock its potential. The right banking partner will play a key role in guiding investors, supporting family businesses, and providing integrated solutions, making them essential partners in navigating Africa's financial landscape. The G20 and B20 platforms, especially with South Africa's presidency, provide a unique opportunity to showcase Africa and encourage dialogue around investment opportunities. Collaboration between government and the private sector is essential to present Africa as an attractive investment destination. For investors and families charting their course, partnering with financial institutions that offer deep regional insight within a global framework will be key to unlocking the continent's considerable promise. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
