Africa Union Ministerial Committee has said that African countries were not ready to leave their markets open for European goods.

The AU Commissioner for Trade and Industry, Mrs Elizabeth Tankeu told newsmen in Munyonyo, Uganda, that opening up African market to European goods as demanded by the European Union would further put the economy of the continent into crisis.

She explained that the type of trade going on presently in the continent was not good enough for the growth of the economy, because it further kept the continent in poverty.

According to her, investment in the continent at present is based on exportation of raw materials, which in turn come back to the continent as finished products.

The Commissioner challenged African businessmen and investors to take the bold step of adding value to products coming from the continent by processing them before exportation.

Tankeu noted that the new partners want to do business with the continent, but they are also demanding for less strict or restrictive measures.

The AU Commissioner pointed out that the global economic recession had slowed down the economic growth of the continent by about 0.9 per cent.

Reports quote Tankeu as saying the economy of the continent would drive the world economy in a couple of years because of the various potentials open to it.

According to her, the AU and the EU have been taking on areas of partnership and assistance, while the AU has been drawing the attention of the EU to key issues that were causing problems.

Tankeu urged African leaders to position themselves to take advantage of the numerous opportunities open to the continent, saying that the financial institutions should be more operational.