US secretary for the Treasury Henry M. Paulson said African economies should embrace free trade if the continent is to develop fast.

"It is a development strategy that has worked for countries as diverse as Singapore, Chile, Ireland and Mauritius. And it is a strategy that can work for other countries in Africa,” he said in a statement released by US Department of State.

Paulson was addressing a recent U.S.-Africa Business Summit in Cape Town, South Africa. G20 Finance Ministers and Central Bank Governors attended the summit to discuss the positive economic changes taking place on the continent.

Paulson asked the international community to support Africa’s reforms, while African leaders and people were urged to maintain a firm commitment to the reforms, combat corruption, respect human rights, stick to the rule of law and spread benefits of economic growth to more Africans.

He attributed the current conflict in Africa to competition for natural resources, suggesting that therefore their protection is vital for long term, sustainable and inclusive economic advancement of Africa.

He also cited lack of access to finance as one of the biggest constraints for private sector growth in Africa. 
Paulson stressed the need to improve the business climates by enhancing transparency, shortening the business start-up process, and strengthening the rule of law and property rights.

He said that U.S. economic assistance to Africa is increasingly being directed toward supporting countries fostering free markets, sound fiscal and monetary policies, transparency and the rule of law.

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