Tourism may be international or within the traveler's country. The World Tourism Organization defines tourism more generally, in terms which go "beyond the common perception of tourism as being limited to holiday activity only", as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure and not less than 24 hours, business and other purposes". Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a country's balance of payments. Tourism suffered as a result of a strong economic slowdown of the late-2000s recession, between the second half of 2008 and the end of 2009, and the outbreak of the H1N1 influenza virus, but slowly recovered. International tourism receipts (the travel item in the balance of payments) grew to US$1.03 trillion (€740 billion) in 2005, corresponding to an increase in real terms of 3.8 pc from 2010. International tourist arrivals surpassed the milestone of 1 billion tourists globally for the first time in 2012, emerging markets such as China, Russia, and Brazil had significantly increased their spending over the previous decade. The ITB Berlin is the world's leading tourism trade fair. Global tourism accounts for ca. 8 pc of global greenhouse gas emissions. The word tourist was used in 1772 and tourism in 1811.[12] It is formed from the word tour, which is derived from Old English turian, from Old French torner, from Latin tornare; 'to turn on a lathe,' which is itself from...

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Burundi has joined a group of nine African countries at a high risk of debt distress while Kenya’s risk of default has increased to moderate from low. This has seen the International Monetary Fund raise a red flag over the rate at which East African countries are accumulating debt. The region’s economies have fallen into a financial fix as they attempt to fund persistent budget deficits and implement mega infrastructure projects against a backdrop of declining revenue collection. As a result, the economies have resorted to massive borrowing, both from the domestic and international markets to quench their loan appetite, with fears that the increasing uptake of commercial loans could push most of them into debt distress. “An over-reliance on commercial public debt exposes sovereign balance sheets to greater rollover and exchange rate risks. Also, an increase in debt from domestic creditors could crowd out financing for private sector projects,” said the IMF. So far Kenya, Uganda and Tanzania are among the top 50 countries in the world that are highly indebted to China, according to US-based research firm Brookings Institution. According to Brookings, countries are now shifting away from official multilateral creditors who come with stringent conditions to non-concessional, (commercial) debt with relatively higher interest rates and lower maturities. But this trend is raising concerns around debt sustainability given the possibility of higher refinancing risks and foreign exchange risks. The IMF, in its regional economic outlook report for sub-Saharan Africa released last week, says that surging public debt-to-GDP ratios...

As the world’s economic giant – the United States – continues to wage economic war against China, Mexico, Turkey and, more recently, India in establishing tariff barriers against their products, African countries have opted to spurn protectionism and embrace intraregional trade. A significant and historic step was taken on 30 May, as the African Continental Free Trade Area (AfCFTA) came into effect. What does this all mean, and is it cause for celebration? A market potential for goods and services of 1.2 billion people, an aggregate gross domestic product (GDP) of $2.5trn, the reduction of tariffs and the free movement of labour is not to be sniffed at. I know this, as I come from a country of 2 million people and a GDP of circa $17.5bn. Investors want access to a large consumer base and the benefits of scale cannot be underestimated for attracting foreign direct investment. Yes, the agreement is indeed a cause for cautious celebration. The speed with which it has been brought into effect from June 2015, when the negotiations first commenced to establish the continental free trade area, to May 2019, when 51 of 54 African countries signed up, is nothing short of a miracle. We need to applaud the tenacity of our leaders in getting here.  As a continent, intraregional trade is an economic imperative. Currently only 12% of trade is within Africa, while 75% of our exports to the rest of the world are still mainly minerals (crude oil and copper), according to United Nations...

Sign up for Next China, a weekly email on where the nation stands now and where it’s going next. By many measures, China’s Belt and Road Initiative has been a monumental success. Since 2013, when China launched the effort to expand trade links, more than 130 countries have signed deals or expressed interest. The World Bank estimates some $575 billion worth of energy plants, railways, roads, ports and other projects have been built or are in the works. But President Xi Jinping’s signature effort has also come in for criticism, including accusations that China is luring poor countries into debt traps for its own political and strategic gain. The mixed reviews abroad and worries at home about the cost have led China into something of a reboot as it tries to increase transparency, improve project quality and reduce financial risks. 1. Where are the problems? Several countries have run into trouble with Belt and Road projects or had a rethink, often after a popular backlash, change of government or both. Complaints include corruption, padded contracts, heavy debt loads, environmental damage and a reliance on imported Chinese labor over local hires. Some examples: • Sri Lanka borrowed heavily to build a new port, couldn’t repay the loans, and then gave a state-owned Chinese company a 99-year lease in exchange for debt relief. The port has little business now but provides China a strategic berth along key shipping lanes. • China was set to lend Pakistan $8 billion to upgrade a railroad...

With the United States and China locked in a trade war, climate action lagging behind climate reality, and the World Trade Organisation’s Appellate Body at risk of becoming inoperable, the theme of this week’s WTO public forum — “Trading Forward: Adapting to a Changing World” — couldn’t be more appropriate. But if the global trading system is to be adapted to twenty-first-century realities, careful attention must be paid to the needs of developing countries. Consider Africa, which has been working hard lately to deepen intra-continental trade and integration. While such efforts — most notably the African Continental Free Trade Area (AfCFTA), have the potential to spur growth and development, their impact depends both on complementary global reforms and on countries’ implementation of WTO agreements. Success is far from guaranteed. The Trade Facilitation Agreement (TFA), which entered into force in 2017, is a case in point. One of the few WTO agreements to be ratified in recent years, the TFA places developing members’ ambitions at the forefront. It aims to expedite the movement, clearance and release of goods across borders; establishes measures for effective cooperation between customs and other relevant authorities; and provides for technical assistance and capacity building. The TFA recognises that trade facilitation rests on three key pillars: Simplification, harmonisation and transparency. Given its global uptake, it has the potential to ensure that reforms reflecting this recognition are “locked in” across countries, including those whose governments might otherwise be reluctant to implement them. For African countries that manage to implement the TFA...

With the United States and China locked in a trade war, climate action lagging behind climate reality, and the World Trade Organisation’s Appellate Body at risk of becoming inoperable, the theme of this week’s WTO public forum — “Trading Forward: Adapting to a Changing World” — couldn’t be more appropriate. But if the global trading system is to be adapted to twenty-first-century realities, careful attention must be paid to the needs of developing countries. Consider Africa, which has been working hard lately to deepen intra-continental trade and integration. While such efforts — most notably the African Continental Free Trade Area (AfCFTA), have the potential to spur growth and development, their impact depends both on complementary global reforms and on countries’ implementation of WTO agreements. Success is far from guaranteed. The Trade Facilitation Agreement (TFA), which entered into force in 2017, is a case in point. One of the few WTO agreements to be ratified in recent years, the TFA places developing members’ ambitions at the forefront. It aims to expedite the movement, clearance and release of goods across borders; establishes measures for effective cooperation between customs and other relevant authorities; and provides for technical assistance and capacity building. The TFA recognises that trade facilitation rests on three key pillars: Simplification, harmonisation and transparency. Given its global uptake, it has the potential to ensure that reforms reflecting this recognition are “locked in” across countries, including those whose governments might otherwise be reluctant to implement them. For African countries that manage to implement the TFA...

The establishment of fully serviced industrial parks with plug and play facilities to attract investments is one of the proposed actions to gain quick wins in the promotion of the Cotton, Textiles and Apparels (CTA) Manufacturing Industries in East Africa. The first forum of owners CTA manufacturing industries held in Kigali, Rwanda days ago further proposed sustainable procurement of all institutional uniforms, beddings, draperies by state institutions from textiles and fabric industries in the region. Another resolution of the forum was to carry out campaigns on Buy East Africa, Wear East Africa including implementation of the declaration of Fridays as “Afrika Mashariki Fashion Day” and organizing the Annual “Afrika Mashariki Fashion Week” exhibition to precede the EAC Heads of States Summit Meetings normally held on November 30, every year. Themed, ‘Promoting Local Production and Consumption  of Cotton, Textile and Apparels (CTA) Made in the EAC Region’, the two-day forum was attended by participants from the ministries responsible for industry, trade, agriculture and EAC; private sector players, CTA industry associations, private sector associations, industry associations and development partners, among other stakeholders. The overall objective of the Forum was to ensure that the owners of CTA industries meet discuss pertinent issues within the sector and make useful and practical recommendations to the EAC Policy Organs especially the Heads of State Summit for purposes of promoting the sector. Opening the Forum, Rwanda’s Permanent Secretary of Trade and Industry, Michel Minega Sebera, noted that CTA has the potential to create employment, improve economic well-being and widen...

ESTABLISHMENT of fully serviced industrial parks with plug and production facilities to attract investments is one of the proposed actions to gain quick wins in the promotion of the cotton, textiles and apparels (CTA) manufacturing industries in East Africa. The 1st forum of owners of cotton, textiles and apparels (CTA) manufacturing industries was held in Kigali mid this week with Rwanda proposing for sustainable procurement of all institutional uniforms, beddings, draperies by state institutions from textiles and fabric industries in the region. Another resolution of the forum was to carry out campaigns on ‘Buy East Africa, Wear East Africa including implementation of the declaration of Fridays as ‘Afrika Mashariki Fashion Day’ and organising the Annual ‘Afrika Mashariki Fashion Week’ exhibition to precede the EAC Heads of States Summit Meetings normally held on 30th November every year. Opening the Forum, Rwanda’s Permanent Secretary of Trade and Industry, Michel Minega Sebera, noted that CTA has the potential to create employment, improve economic well-being and widen the tax base in the region. Sebera called on EAC partner states to fast track the phasing out of the second hand clothes in order to reap the benefits of the sector. He informed the meeting that in 2016, Rwanda started implementing the Summit directives and embarked on the phase out of second hand clothes. The PS disclosed that the phasing out of second hand clothes in Rwanda had attracted new investments in the sector and led to more than 15 new companies investing in apparels. He...

It is an indisputable fact that African countries do not trade enough among themselves. To make any meaningful headway and register economic growth, countries within the continent must boost intra-regional trade. This will also help accelerate economic growth and development on the continent. The government of The Gambia through the Ministry of Trade, Industry, Regional Integration and Employment in collaboration with partners has been spearheading initiatives geared towards promoting trade within our continent. Regional trade integration has long been a strategic objective for Africa with some success in eliminating tariffs within regional communities. However, more still needs to be done. The signing of the African Continental Free Trade Area (AfCFTA) Agreement by the overwhelming majority of African countries is a historic step towards rationalising Africa’s regional trade arrangements, deepen economic integration and draw on economies of scale and development of regional value chains. These many believe, would further accelerate the process of structural transformation of African economies. As a flagship project of the African Union Agenda 2063: The Africa We Want, the AfCFTA seeks to bring on board all the 55 African countries with a combined population of more than 1.2 billion people and a combined gross domestic product (GDP) exceeding US$2.5 trillion, making the continent the largest free trade area created since the formation of the World Trade Organisation (WTO). Analyst believe that Africa could double intra-regional trade by easing non-tariff barriers, including customs procedures and improving the continent’s poor transport infrastructure; that doing this will help boost economic...