The United Kingdom`s trade relationship with African countries has been a topic of discussion in recent years. With the UK`s decision to leave the European Union, there has been a renewed interest in strengthening economic ties with African nations. In this article, we will examine the UK`s trade agreements with African countries and their potential impact on the continent.
In 2019, the UK government announced plans to boost trade between the UK and African countries. One of the key initiatives was a plan to sign a free trade agreement with the African Union. This agreement aims to create a more streamlined trade relationship between the UK and Africa and help to support economic growth on the continent. However, negotiations are still ongoing, and it may take some time before the agreement is finalized.
In the meantime, the UK has signed several bilateral trade agreements with African countries. In 2019, the UK signed a trade continuity agreement with South Africa, which ensures that trade relations between the two countries will continue after the UK leaves the EU. This agreement removes tariffs on 99% of South African goods exported to the UK, providing a boost to South Africa`s economy.
Similarly, the UK has signed trade continuity agreements with other African countries, including Kenya, Morocco, and Tunisia. These agreements aim to provide stability and certainty for businesses trading between the UK and these countries, allowing for continued growth and investment.
One potential downside of these agreements is that they do not provide the same level of access to the UK market as the countries had under previous agreements with the EU. For example, Morocco had previously enjoyed duty-free access to the EU for most of its agricultural products, but this is not guaranteed under the new UK-Morocco agreement. This could potentially impact the Moroccan economy, as well as other economies in the region.
Overall, the UK`s trade agreements with African countries have the potential to benefit both the UK and the countries involved. By removing barriers to trade, increasing investment, and supporting economic growth, these agreements can help to create a more prosperous and interconnected world. However, it is important to ensure that the agreements are fair and equitable, providing benefits for all parties involved. As negotiations continue, it will be interesting to see how these agreements evolve and what impact they will have on the African continent.