Brexit is pushing the UK to diversify its trading partners. In this context, since the beginning of 2020, London has strengthened its trade diplomacy with Africa and signed agreements with more than ten African countries. Left for several years, Africa, which represents only 3% of British foreign trade, could play a more important role in the future.
Farther from Europe, but closer to Africa, this is one of the expected effects of Brexi of the English. For two years, the British Minister for Africa, James Duddridge, has increased the number of trips to the continent, while his administration has at one time or another recruited African specialists.
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Trade with Africa is only around £ 40 billion a year, but London wants to see it grow and diversify. In this regard, the summit is being held in January in Londonconsidered a turning point by Chatham House Think Tank Africa Program Director Alex Vines:
“The reality is that in recent years we have seen a decline in British trade with Africa. And the ‘UK-AfricaInvestment’ summit earlier this year could mark a new start. Read that the United Kingdom wants to improve its partnership with the African continent. “
To seduce Africa, London has a significant asset: the city and its economic power. 112 African companies are listed on the London Stock Exchange worth 160 billion. £, and the ripple effect is not going out, says Vines:
“The City of London will remain a major financial center. And that is primarily the reason why African countries remain interested in England.” It is not fair to the English beautiful eyes! ”
So far, London has signed economic agreements with 13 countries in Africa and hopes to soon be able to conclude them with 30 more.
Alex Vines, Program Manager for Chatham House Think Tank Africa
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