MULTILATERAL TRADE AGREEMENTS, WTO AND SUSTAINABLE TRADE AND INVESTMENTS IN AFRICA: THE CHALLENGE OF ESTABLISHING UNITED NATIONS GLOBAL BUSINESS REGULATORY AGENCY (UNGBRA) (Published)
As the entire world globalizes in economic and business sense with massive flow of investments across countries, the resultant effect is the multiplicity of regional and other categories of agreements as parts of arrangements to benchmark equalization among world trade stakeholders. Unfortunately, the existence of multilateral trade agreements have not in any way imparted positively particularly on the developing countries, due to the fact that most of these agreements are enmeshed in problems such as inherent contradictions, insincerity, and unenforceability of agreements. Other problems include selfish agenda or narrow mindset of major parties based on winner/loses mindset; and the inability of the entire world trade agreement configurations to promote world justice. This situation has given rise to increased global uneven income distributions, heightened economic stagnation and excruciating poverty. Using Africa as a case study, the paper examines the impacts of multilateral trade agreements in Africa region. It observes that the arrangement has failed to facilitate economic order and developments in Africa region. It concludes by suggesting establishment of a United Nations Global Business Regulatory Agency (UNGBRA) to streamline all agreements, promote policies that ensure ethical trading, global justice and equalization for sustainable developments in international trade system
Keywords: Africa. Sustainable Development, Investment, Trade Agreements, WTO