EU-Africa relations need greater focus to reach full potential

Brussels – In a new document published today, BusinessEurope, the association of European national industry associations, argues that EU-Africa relations offer excellent investment and trade opportunities, but that stronger and more focused action is needed from policymakers to overcome existing obstacles. Although the EU remains the largest trading partner of African countries, with an estimated trade volume in goods and services of EUR 467.2 billion, the share of African imports in total EU trade is declining. 

BusinessEurope Director General Markus J. Beyrer explains that “with the youngest and fastest-growing population on the planet, Africa is set to become a key driver of the global economy in the coming decades. The EU must unlock the full potential of its relationship with this crucial region.”

According to the leader of the association, “the EU should support African partners in making the African Continental Free Trade Area a reality and streamline existing trade frameworks – particularly rules of origin – while expanding current agreements to include services, competition and intellectual property.” 

It is equally essential, Beyer adds, to “improve the investment climate across Africa by fostering robust institutions, legal certainty, and good governance. It is crucial to support governments in building skills and education, expanding access to finance, and developing infrastructure.“

Finally, BusinessEurope argues, Africa and the EU are “essential partners in the global transition to clean and renewable energy. The EU should deploy a range of instruments, including the new Clean Trade and Investment Partnerships and Sustainable Investment Facilitation Agreements, to support this collective effort.”