Conclusion: Time for Action

The combination of increasing regionalism, globalization of world production, rapid changes in technology and continued liberalization of world trade, has created a situation of great crisis for Africa which demands fundamental changes in policy and perspectives. For in the evolving world trading situation, the real winners will be those countries which are able to keep pace with technological development, creating and maintaining efficient, competitive production structures which would allow them to respond adequately to changing trends in demand in the world markets. The industrialized countries have responded to this challenge well ahead of the developing countries, especially those of Africa, as they have already adopted new policy measures and strategies. In major industrialized countries, a prominent aspect of this response has been a resurgence of interest in consolidation and further enlargement of their economic space so as, first, to stimulate, protect and support the development of the technological capacities; second, to encourage efficient, competitive industries; and third, to engender greater trade expansion. As noted above, this policy thrust has found concrete expression in the emergence and widening of economic arrangements among developed market-economy countries. ‘Europe 1992’ and NAFTA are two significant examples of such arrangements.