October 22, 2021

Beyond Going Long

Complete UK News World

The United Kingdom formally confirms the success of the FCFDA

The United Kingdom formally confirms the success of the FCFDA

African countries should create their own historic free trade agreement, but the presence of partners from other parts of the world would not be detrimental.

On September 13, in Ghana, the British Minister for Africa, James Duttridge, signed a Memorandum of Understanding with the Secretariat of the African Continental Free Trade Agreement (AfCFTA), Wamkele Mene. It formalizes Britain’s commitment to the success of the trade camp, which includes many former colonies.

Tudridge said The United Kingdom was the first non-African country to recognize the trade and investment opportunities proposed by AfCFTA. Ranil Jayawardene, the British Minister for International Trade, said the MoU “demonstrates our commitment to increase bilateral trade and investment, which leads to sustainable economic growth across the continent.”

The United Kingdom is rebuilding its African trade relations

EU rules govern trade between the United Kingdom and Africa until the end of the Brexit Transitional period on the last day of 2020. Investment Summit 21 African leaders attended London.

Since January 1 this year, the UK has been packed Approved trade agreements With 14 African countries, including Cameroon, C டிte d’Ivoire, Egypt and Tunisia. It has agreements with the East and South Africa Trade Center, including Mauritius, the Seychelles and Zimbabwe, and with the South African Customs Union and Mozambique, which includes Botswana, Eswatini, Lesotho, Mozambique, Namibia and South Africa.

Agreements with Ghana, Kenya and Morocco are on the way to approval, but this does not preclude bilateral trade. By 2020, total trade between the UK and African countries will be agreed. 3 17.3 billion.

See also  Afghanistan: These countries are already ready to negotiate with the Taliban

This is not a large amount compared to the UK trade with Japan (0.7 24.7 billion), Canada (0.7 17.7 billion), Singapore (0.1 14.1 billion) and South Korea (.21.2 billion). Only Africa is growing 2.5% A former member of the UK Foreign Affairs Committee said the UK’s trade relations with France and the United States were doing more business with the continent.

Perhaps the agreement signed in Ghana will announce further steps for UK trade with Africa. In fact, Requires more material To support speeches and promises of the last 20 months.

Please register Here is the weekly summary of Quartz Africa News and analysis of African trade, technology and innovation in your inbox.