According to recent reports by Reuters, the EU and Angola are set to reach a deal that will help the African country maintain its economic growth, boost good governance and fight poverty. In the words of José Manuel Durão Barroso, the President of the European Commission, the new agreement, called the EU-Angola Joint Way Forward, is intended to “launch a permanent process of dialogue and cooperation between the two regions”.
Recognising Angola's economic performance over the last decade, Barroso highlighted that the African country could benefit further from closer ties with the EU. He encouraged Angola move ahead with an economic partnership deal with the EU, “which is already the country's third-largest trade partner and main source of imports”.
"For Angola, it is evidently about exploring its exceptional economic potential transparently but also diversifying the economy to reduce dependence on oil, which represents 95 percent of export revenues and over 70 percent of tax income," he stated.
According to Macahub, free news service based in Macau which supplies economic information, the document, which is expected to be signed soon, is not focused on funding the African country, but rather on a deeper level of cooperation for development.