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UK-Africa Investment Summit

Department for International Trade written question – answered on 3rd February 2020.

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Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Secretary of State for International Trade, what the outcomes of the UK-Africa Investment Summit 2020 were in respect to the consolidation of trading partnerships.

Photo of Graham Stuart Graham Stuart Parliamentary Under-Secretary (Department for International Trade)

The UK-Africa Investment Summit brought together businesses, governments and international institutions to showcase and promote the breadth and quality of investment opportunities across Africa.

At the Summit, we announced the Trade Connect programme, which will help developing countries, benefit from the UK’s post-Brexit preferential trade arrangements by providing £20 million over 5 years to assist businesses to export more.

Through the Taxation (Cross-border Trade) Act 2018, the UK intends to put in place a trade preference scheme that maintains the preferential market access we currently offer to 35 African developing countries trading under the EU’s Generalised Scheme of Preferences (GSP).

We are also rolling over the EU’s Economic Partnership Agreements (EPAs) and Association Agreements (AAs). We have signed trade agreements with eleven African countries and are seeking to conclude agreements with a further seven countries.

We will work with African partners to deepen and widen our existing trade agreements and make the UK’s preference scheme work better for them.

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