Brexit as an opportunity for Africa?

As British Prime Minister Theresa May is slated to trigger formal Brexit talks, African nations are gearing up for negotiations of their own. But it&#...

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As British Prime Minister Theresa May is slated to trigger formal Brexit talks, African nations are gearing up for negotiations of their own. But it’s not all doom and gloom since Brexit could work in Africa’s favor.

Brexit in Africa

Brexit as an opportunity for Africa?

As British Prime Minister Theresa May is slated to trigger formal Brexit talks, African nations are gearing up for negotiations of their own. But it’s not all doom and gloom since Brexit could work in Africa’s favor.

Somalia Frau mit britischer Flagge in Mogadischu (Getty Images/AFP/M. Abdiwahab)

It will be a big leap into the unknown once the United Kingdom triggers formal talks to leave the European Union. The EU’s existing trade agreements will then no longer apply to Britain and have to be renegotiated.

“We don’t know where we are going to end,” Ghana’s Foreign Affairs Minister Shirley Ayorko Botwey told DW.

“Are we going to have to sign new agreements? And if so which agreements are we going to sign? All these things are very fluid at the moment, so you can’t say much.”

Traditionally, trade with the UK has been very important for African Commonwealth countries like Ghana. At its peak in 2012, UK-Commonwealth Trade accounted for $120 billion (110 billion euros), according to the Commonwealth.

Some are hopeful the UK might be eyeing to boost trade with its former colonies.

Better deals for Africa?

“With UK going solo, it may strengthen our course to face them one-on-one,” said financial analyst Courage Martey. Rather than dealing with the EU as a whole, “there is an opportunity for us to balance the scale, to ensure that we strike trade deals that favor especially our local business.

Story Source : http://www.dw.com/en/brexit-as-an-opportunity-for-africa/a-38148731

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