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Brexit is pushing the UK to diversify its trading partners. In this regard, since the beginning of 2020, London has strengthened its trade diplomacy with Africa and has signed agreements with more than ten African countries. Abandoned for several years, Africa, which accounts for only 3% of British foreign trade, could play a bigger role in the future.
Farther from Europe but closer to Africa, this is one of the expected effects of Brexit by the English. For two years, the British Minister for Africa, James Duddridge, has been increasing the number of trips to the continent while his administration has been recruiting specialists in Africa.
► To read also: Brexit: what we know about the agreement between the United Kingdom and the EU
Trade with Africa is only about £ 40 billion a year, but London wants to see it grow and diversify. In this sense, the summit organized last January in London is considered a turning point By Alex Vines, Chatham House Think Tank Africa Program Director:
« The reality is that in recent years there has been a decline in British trade with Africa. And the “UK-Africa Investment” summit earlier this year could mark a new beginning. The sign that the UK wants to improve its partnership with the African continent. »
To seduce Africa, London has an important asset: the City and its financial power. 112 African companies are listed on the London Stock Exchange, valued at £ 160 billion. The domino effect won’t go away anytime soon, says Alex Vines:
« The City of London will continue to be a major financial center. And it is mainly for this reason that African countries are still interested in England. It is not fair to the beautiful eyes of the English! »
So far, London has signed economic agreements with 13 African countries and hopes to conclude them quickly with about 30 more.
Alex Vines, Chatham House Think Tank Africa Program Director
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