ANSAmed

(ANSAmed) - MARRAKESH, JUNE 20 - Morocco, which is hosting the first conference of African and South American trade ministers, called for the creation of an international fund to attenuate global price instability, Map news agency reports. The fund will be used to fight the global food and oil price hike to reduce its impact on the economies of African and South American countries, Moroccòs Trade Minister, Abdellatif Maazouz said at the opening of the conference in the city of Marrakech. Fighting the speculation on basic products, especially by ending fake operations in international markets, or imposing taxes on them and using the money to fund the needs of harmed countries is another way to break the price surge, he said. The minister also spoke up for granting assistance to poor countries and canceling their debts to allow them to face the surge in food prices, which in tern worsens their trade and budgetary deficit and leads to social and economic instability. Maazouz recalled that "Morocco has always supported initiatives aimed at integration and cooperation for a better future for the regions of Africa and South America." He recalled that the regions, whose population comprises 20% of the world's inhabitants, are contributing merely 5.4% to the world trade. Africàs exports to South America totaled USD 11 billion in 2006 (3% of the overall exports), while its imports from South America amounted to USD 13 billion in the same period, that is 5% of the continent's total imports. Exports of the two regions are mainly directed to the European Union, he said, deeming it necessary for them to diversify their markets through developing South-South exchanges and reinforcing the competitive capacity of their products. The conference is gathering experts and officials from 65 countries. It is meant to be a starting point of a founding commercial partnership between Africa and South America. (ANSAmed).