Brexit: Abidjan signs a free trade agreement with London
A cocoa bean buyer examines the quality of the merchandise for export in Guiglo, a town in western Côte d'Ivoire.
ASSOCIATED PRESS - BEN CURTIS
Text by: RFI Follow
2 min
Brexit and its consequences for Africa: Abidjan announced this week that it had concluded an economic partnership agreement with London.
With the United Kingdom leaving the European Union, the economic partnership agreement no longer applies to the British market as of January 1, 2020. However, for the Ivory Coast, London is an important partner.
Many African countries are in the same situation and have signed agreements with the British.
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If the United Kingdom is far from being an essential market for Ivorian products, on the other hand, it is a strategic partner from a financial point of view.
It is in London - and in sterling - that the
cocoa bean
is listed
, of which Côte d'Ivoire is the world's largest producer.
It is also from the City of London, the most important financial center of the Old Continent, that the Ivorian government borrows part of the funds which are used to finance the country's development.
Hence the need for Abdijan to ensure that economic ties do not become complicated with
Brexit
.
The treaty concluded in October and announced this week incorporates the terms of the economic partnership agreement concluded with the European Union.
It guarantees free access to the British market in exchange for a gradual opening of the Ivorian market.
► To read also: Brexit, a new opportunity for trade in Africa?
In Africa, thirteen countries have already signed similar agreements with London.
For nations like Egypt and Kenya, the UK market is worth several billion dollars each year.
As for Nigeria or South Africa, the flagships of their economy are listed on the London Stock Exchange.
Brexit should not hamper the flow of capital Africa needs for its development.
On the contrary, it could perhaps even strengthen them, since london needs new partners more than ever.
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Ivory Coast
United Kingdom
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Trade and Trade
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