The United Kingdom’s Department for International Trade said it was set to commence new trade agreements with 14 African partners from January 2021.
A statement by the department’s Nigerian office on Saturday, stated that 35 African partners would also receive preferential access to the UK through ‘trade presences scheme.’
The department said it would host a one-day virtual ‘Africa Investment Conference’ on January 20, 2021.
The conference, expected to bring together UK and African businesses to explore opportunities for partnership and investment, comes a year after the UK-Africa Investment Summit where 27 trade and investment deals worth £6.5bn and commitments worth £8.9bn pounds were announced.
According to the statement, the UK’s new trade arrangements alongside Africa’s own Continental Free Trade Agreement could unleash new opportunities for African and UK businesses.
The UK’s Minister for Investment, Gerry Grimstone, commented, “Growing investment relationships will be central in helping economies recover and build back better from the disruption caused by Coronavirus.
“Africa’s economic potential and investment opportunities are huge, and our partnership will help ensure UK and African businesses are able to capitalise on trade and investment opportunities, now and in the future.”
Similarly, the Minister for Africa at the Foreign, Commonwealth and Development Office, James Duddridge, said the UK was working with countries across Africa to build strong partnerships that secure investment and deliver more of the exports, jobs and economic growth that benefit both African and British businesses.
“Over £6.5bn-worth of deals were signed at the UK-Africa Investment Summit 2020, which showcased the UK’s offer to African nations, as a global financial gateway and home to the world’s major investors, regulators and innovators.
“January’s event will once again bring together British and African businesses and entrepreneurs, to support more prosperous African countries,” Duddridge said.
Her Majesty’s Trade Commissioner for Africa, Emma Wade-Smith, said the conference would build on the achievements of 2020’s ivestment summit.
