EU-Africa relations need greater focus to reach full potential
In a new paper published today, BusinessEurope argues that the EU-Africa relationship offers great investment and trade opportunities, but stronger and more targeted action from policymakers is needed to overcome existing hurdles. Although the EU remains the top trading partner for African countries – with an estimated €467.2 billion in goods and services trade – the share of African imports in total EU trade has been declining.
BusinessEurope Director General Markus J. Beyrer said:
“With the youngest and fastest-growing population on the planet, Africa is set to become a key driver of the global economy in the coming decades. The EU must unlock the full potential of its relationship with this crucial region.
The EU should support African partners in making the African Continental Free Trade Area a reality and streamline existing trade frameworks – particularly rules of origin – while expanding current agreements to include services, competition and intellectual property.
It is equally important to improve the investment climate across Africa by fostering robust institutions, legal certainty and good governance. It is crucial to support governments in building skills and education, expanding access to finance and developing infrastructure.
Finally, Africa and the EU are essential partners in the global transition to clean and renewable energy. The EU should deploy a range of instruments, including the new Clean Trade and Investment Partnerships and Sustainable Investment Facilitation Agreements, to support this collective effort.”