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HomeAfricaTrade in OIF member countries hits US$ 688billion

Trade in OIF member countries hits US$ 688billion

Business transactions involving the 75 member states of the Organisation of Francophone countries (OIF) in 2011 amounted to nearly US$ 688.4 billion, according to a preparatory document which will be discussed at the 14th Francophonie Summit, holding in Kinshasa, Democratic Republic of Congo (DRC), from 12-14 October.

The document, obtained by PANA Tuesday, and entitled “The Importance of Economic Francophonie”, states that the Francophone bloc is a vast market worth over 890 million consumers representing 12.6 per cent of the global population and about 13 per cent of Gross Domestic Product (GDP) worldwide.

“The Francophone space represents 18.9 pc of exports and 19 pc of imports worldwide. Investments made by the member countries of the Francophonie exceed US$ 170 billion. Francophone countries hold 21.19 pc of habitable land and slightly more than 22 pc of the world’s renewable water supply,” the document indicated.

It also indicated that the Francophonie had a very young population which is an undeniable force in terms of production and consumption.

“The economic outlook for the Francophonie, in terms of population growth, are far beyond those of most countries of the world,” according to authors of the study.

In spite of its weight in the global economy, Francophonie economies remain inconspicuous and undervalued.

The last OIF meeting which featured institutional actors, businessmen, youth representatives and researchers was held in July in Quebec, Canada, to discuss the conditions for a dynamic and an ambitious Francophonie bloc that promotes solidarity within member States.

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