M.Phil Year 2 Translation 08HT Week 7
Africa cashes in on new 'silk' routes with Asia
1. Some of the poorest African countries are reaping the benefits of a new 'Silk Road' to the fast-growing economies of Asia, according to a report from the World Bank published today.
2. Almost a third of African exports - 27 per cent - are now sold to Asia, up from 14 per cent in 2000, according to the Bank. At the same time, Asian exports to Africa are growing at an extraordinary 18 per cent a year.
3. The Silk Road was a 4,000-mile trade route, used from 100BC to carry spices and silks from China to the Mediterranean and on to Rome, and wool, gold and silver to the East.
4. The report welcomes the increasing importance of this 'south-south' trade, in contrast to the traditional pattern of Africa and Asia focusing on capturing US and European markets.
5. As the importance of this new south-south trade becomes clearer, the World Bank urges governments on both sides to lower trade barriers and foster new trading partnerships.