Advertisement

Updated January 20th, 2020 at 18:11 IST

UK looks to Africa for trade ties after Brexit

British Prime Minister Boris Johnson touted the UK as an ideal business partner for Africa on Monday  as the UK prepares for post-Brexit dealings with the world.

UK looks to Africa for trade ties after Brexit
| Image:self
Advertisement

British Prime Minister Boris Johnson touted the UK as an ideal business partner for Africa on Monday  as the UK prepares for post-Brexit dealings with the world.

But Britain faces tough challenges as it seeks to assert itself on a continent with several of the world’s fastest-growing economies and whose youthful 1.2 billion population is set to double by 2050.

Far fewer of Africa’s 54 heads of state or government are attending the first U.K.-Africa Investment Summit than the dozens who attended the first Russia-Africa summit last year or the gatherings China regularly holds.

The U.K.'s department for international trade says two-way trade with Africa in the year ending in the second quarter of 2019 was $46 billion. Meanwhile, Africa’s two-way trade with China, the continent’s top trading partner, was $208 billion in 2019.

Johnson told delegates at the conference it was “an event that is long overdue.”

He acknowledged that British officials and companies needed to work to convince African nations to do business with the U.K.

“We have no divine right to that business," he said. "This is a competitive world. You have may suitors."

Britain is due to leave the European Union on Jan. 31, and Johnson said the U.K. would become a free-trading “global Britain after Brexit.”

He pledged that the post-Brexit immigration system would "put people before passports," acknowledging a common frustration across Africa.

Britain says 16 African leaders are attending Monday's summit in London, including the leaders of Nigeria, Congo, Kenya, Egypt, Ghana and Rwanda.

Aside from the sluggishness of its top two economies, South Africa and Nigeria, Africa is showing economic momentum as the recently launched African Continental Free Trade Area gathers steam.

Last year, economic growth slowed in all geographic areas except Africa, the United Nations reported last week in its annual World Economic Situation and Prospects 2020.

The U.N. said GDP growth in Africa is projected to reach 3.2% in 2020 and 3.5% in 2021. And 25 African countries are projected to achieve economic growth of at least 5% this year.

 

Advertisement

Published January 20th, 2020 at 18:11 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

CM Punk and Vince McMahon
3 minutes ago
File Photo of PM Narendra Modi
8 minutes ago
BCAS started the continuous exercise of monitoring the time of arrival of baggage at belts of six major airports in January 2024.
11 minutes ago
Bribery
12 minutes ago
Kashmiri Lakes
15 minutes ago
Bollywood actor Govinda
19 minutes ago
Bill Gates and PM Modi to Discuss ‘From AI to Digital Payments’
21 minutes ago
Elon Musk X lawsuit
22 minutes ago
Government bonds
22 minutes ago
Beans
25 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo