International trade barriers that hinder Sudan’s growth and development:
Trade does not play as major of a role as it should in Sudan. The crisis in Darfur has given Sudan a reputation for political instability and has constrained the country’s ability to do business with other countries. Roads, bridges, railways and inland water transport are in very poor condition in Sudan (especially the south) and charges/taxes at thee Port Sudan are very high. Overall, trade policies in the country are very poor and keep Sudan from trading with more nations other than China, Japan and the Republic of Korea.
Their economy is also exempt from trading with one of the country’s main superpowers as the United States imposed an economic embargo on Sudan since 1997, blocking business transactions between the two nations.
As a result, Sudan will have to diversify its exports from depending solely on commodities and encourage more people to trade goods and professional services in accounting, law, education, and healthcare, among others. The region’s large number of young people also calls for significant numbers of new jobs, intensive trade, and growth.
Trade strategies to promote economic growth and development:
Export-led growth
A country should seek to increase its ability to compete among international economies by way of getting help in improving trade communications and equality of income distribution, increasing investment, employment and capital in the form of new technology.
The only significant trade partners Sudan has are Japan, China and Korea to whom they export many of their natural resources (cotton, gum Arabic, oil fields and skins). As of late, though, Sudan has been riding on an oil boom in their country which has put them on the map as an important exporter of petroleum/crude oil. This has been boosting the growth of their economy. If communications technology were to improve in Sudan, they would be able to get more out of their abundant resources.
Import substitution
Protectionism can be used to ensure domestic jobs are not out-competed by foreign markets.
Sudan, being a mainly agricultural state, imports food, manufactured goods, refinery and transport equipment medicines and chemicals and such things that they do not produce much domestically. Thus, they benefit from their imports and domestic markets do not hurt much since manufacturing and services are such minor areas of employment in the country.
Trade does not play as major of a role as it should in Sudan. The crisis in Darfur has given Sudan a reputation for political instability and has constrained the country’s ability to do business with other countries. Roads, bridges, railways and inland water transport are in very poor condition in Sudan (especially the south) and charges/taxes at thee Port Sudan are very high. Overall, trade policies in the country are very poor and keep Sudan from trading with more nations other than China, Japan and the Republic of Korea.
Their economy is also exempt from trading with one of the country’s main superpowers as the United States imposed an economic embargo on Sudan since 1997, blocking business transactions between the two nations.
As a result, Sudan will have to diversify its exports from depending solely on commodities and encourage more people to trade goods and professional services in accounting, law, education, and healthcare, among others. The region’s large number of young people also calls for significant numbers of new jobs, intensive trade, and growth.
Trade strategies to promote economic growth and development:
Export-led growth
A country should seek to increase its ability to compete among international economies by way of getting help in improving trade communications and equality of income distribution, increasing investment, employment and capital in the form of new technology.
The only significant trade partners Sudan has are Japan, China and Korea to whom they export many of their natural resources (cotton, gum Arabic, oil fields and skins). As of late, though, Sudan has been riding on an oil boom in their country which has put them on the map as an important exporter of petroleum/crude oil. This has been boosting the growth of their economy. If communications technology were to improve in Sudan, they would be able to get more out of their abundant resources.
Import substitution
Protectionism can be used to ensure domestic jobs are not out-competed by foreign markets.
Sudan, being a mainly agricultural state, imports food, manufactured goods, refinery and transport equipment medicines and chemicals and such things that they do not produce much domestically. Thus, they benefit from their imports and domestic markets do not hurt much since manufacturing and services are such minor areas of employment in the country.