African Trade and World Trade Organization Market Share: A Case for the Establishment of African Economic Trade Organisation (AETO)

Abstract

This study sets out to investigate the factors that determine regional trade networks within Africa and argues for the need to for a legal framework for promoting Africa, development strategies were modeled after foreign standards and have largely failed because they were initiatives of and patterned after Western interest and elements. The development plans were in form of aid from Overseas Development Association, (ODA), and bilateral trade including soft loans from World Bank. The study argues that building on those foreign ideas without taking into consideration the economic culture of Africa, which is the foundation for sustainable development are false steps which have never and will never liberate Africans from dependency. The study suggests change in sub-regional sectors of Africa are regrouping for better opportunities by way of economic gains and promotion of democracy. The study posits that the best way to secure foundation for Africa's growth is to have her own trade organization that will carter for the needs of African trade because the end purpose of African Economic Trade Organization (AETO). African states need to pool her resources together under one single organization for global competitiveness and balance of payments. The proposed AETO framework advocates a made- in- Africa-for African market Organization. The study concludes that the formation of this organization will incorporate indigenous knowledge where Africa will have a decisive voice in formulating her policies on resource that the current market shares at WTO African trade development.