Buhari Speaks At Commonwealth Business Forum, Cautions Member States Against Trade War (PHOTOS)
President Buhari speaking at Commonwealth Business Forum in London.
PRESIDENT Muhammadu Buhari has told Commonwealth countries that the best way to make business easier for member states was to avoid trade wars and work together to preserve the global trading order.
President Buhari who gave the caution while delivering his keynote address on Wednesday, at the Commonwealth Business Forum at Guildhall, London, also called for the support of regional initiatives and domestic structural reforms that would focus on the priorities of individual countries.
He identified Trade and Investment Facilitation to generate resources for sustainable development; Ease of Doing Business and Regional Integration that expands markets with safeguards against injurious trade practices from third parties; More Inclusive Growth with the empowerment of women and the youth, as factors capable of making business among Commonwealth countries easier
President Buhari said, “But if we are to make business easier between our countries and going beyond the Commonwealth, we must avoid trade wars and work collectively to preserve the global trading order, support regional initiatives as well as support domestic structural reforms that focus on the priorities of individual countries.”
He reiterated his belief in wealth creation and employment opportunities within the Commonwealth: “If there is a collective Commonwealth Commitment to the Ease of Doing Business, we shall spur growth, multiply wealth and expand employment opportunities. These objectives will be accelerated by trade and investment facilitation.”
He further stated that Provision of a platform for Small and Medium Enterprises (SMEs); A radical expansion of human capital for the 21st Century, what is now known as “Knowledge Economy”; and Provision of hard and software infrastructure for the 21st Century Digital Economy to boost e-commerce, increase efficiency, solve development problems and enhance cyber security, are other factors necessary for an easier business environment.