Intraregional trade is crucial in the development of Africa as a meaningful player on the world stage, as it would enable the continent better access to global markets, according to Lesotho's Deputy Prime Minister Lesao Lehohla.

The tripartite summit held by the Southern African Development Community, the East African Community and the Common Market for Eastern and Southern Africa last month was proof that African countries are realising the need for greater economic integration, said Lehohla.

Lehohla, who was speaking at the Africa Investment Forum 2008, in Midrand yesterday, also said African countries needed to work together to better integrate their transport systems in order to reduce costs.

The cost of transporting products for export can very often account for 50% of the total production costs in certain countries, with the landlocked countries in particular suffering from high transport costs, said Lehohla.