The UK is the biggest foreign investor in South Africa, the second largest in Rwanda, and the third largest in Africa as a whole.
With a continental free trade area about to come into force in the European Union with the United Kingdom’s exit from the continental organisation, African industry is eyeing the possible spoils.
While anxiety over Africa’s access to the UK market has spiked over the Brexit crisis, the UK Trade Commissioner for Africa Emmah Wayde-Smith told The East African that over the past two years her country has worked to ensure the continuity of trade with Africa, irrespective of what form Brexit takes.
Among the safeguards is the UK applying the Unilateral Preferences law for qualifying countries in the Africa Caribbean and Pacific countries. Another is the Taxation Act 2018, which was signed into law by the queen in September 2018. It allows the UK to continue with the least developed countries’ services waiver, including Tanzania and Uganda, the East African reported.
For Kenya and Rwanda, the UK would replicate the preferences already agreed with the EU. This would be in place until 2021.The EU has five economic partnership agreements with Africa and five association agreements which can be tweaked to accommodate the UK’s exit from the European bloc.
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