Jump-starting regional trade in Africa - A briefing with H.E. Wamkele Mene, Secretary General, AfCFTA Secretariat
The stock of UK FDI increased by 7% from £44.7 in 2019 to £47.9 in 2020. However, the UK’s share of FDI in Africa has declined from 10% of total FDI in Africa in 1992 to 7% of total FDI in Africa in 2019. The AfCFTA presents a clear opportunity to increase UK FDI in Africa through the elimination of regional trade barriers and the creation of a highly investable connected market with an estimated $3 trillion in combined GDP.
Though businesses recognise the transformative ambitions of the AfCFTA and the opportunities it will create, the process of implementation remains challenging, particularly on issues such as regulatory harmonisation, the digitalisation of trade and the elimination of non-tariff barriers. A successful implementation process will rely on robust public-private dialogue to ensure that the benefits of the AfCFTA are well understood and the Secretariate prioritises the needs of businesses.
In the context of H.E. Wamkele Mene, Secretary General of the AfCFTA Secretariat’s, official visit to the UK, this Invest Africa briefing will provide an opportunity for international businesses to receive an update from the Secretary General on the progress of the implementation of the AfCFTA and to gather views from private investors on the most useful type of trade and investment provisions in AfCFTA (tariffs, standards, investment, digital trade, intellectual property, dispute settlement mechanism), with the intention of providing support to the ongoing implementation of the AfCFTA.
Keynote Speaker
