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Wednesday, 16 November 2016

Brexit: opportunities for a new British trade policy in Africa

As the wheels of Brexit begin slowly to churn into motion, a clearer image is starting to emerge as to what it means for the UK’s trade relations with the rest of the world. While much has been made of Britain’s need to strike deals with major emerging economies like India, China, and Brazil, the appointment of Priti Patel as International Development Secretary – a vocal critic of the department’s focus on aid in the past – signals a shift in emphasis towards a pro-development trade policy for Africa. If handled intelligently this could present a significant opportunity for Britain to hitch its chariot to a region which is set to be the world’s fastest growing over the next century. The secretary is already keeping to her word. On a recent visit to several African countries, Ms. Patel unveiled a series of ambitious projects that go beyond the traditional British tradition of spending billions in aid every year through international organizations and individual commitments. Kenya will receive £95 million over four years for new infrastructure projects while a separate £30 million “Invest Africa” programme will seek to create 90,000 jobs across the region in sectors that would attract British investors.

Source: descrier.co.uk