Table of contents

Approximate read time: 4 minutes

1. Trade data

HM Treasury’s pink book shows the UK’s balance of payments and trade figures. Figure 1 uses data from editions of the pink book from 2001 to 2023 to show how the UK’s trade with Africa as a percentage of total UK trade has changed over time.

Figure 1. UK trade with Africa as a percentage of total UK trade, 2000–2022

UK trade with Africa as a percentage of the total UK trade, 2000–2022
(Office for National Statistics, ‘UK balance of payments, the pink book statistical bulletins’, 2023)

2. Previous government action

In recent years, successive Conservative governments looked to increase trade and business opportunities with countries across the African continent. For example, in January 2020, the government under Boris Johnson held a UK-Africa investment summit to “ensure the continent’s growing demand for investment is met by the UK’s expertise and innovation”.[1] The then government also said that its programmes would boost clean energy supplies, digital networks, jobs and business opportunities for women as well as improve trade infrastructure. Prior to the summit, the then government announced that £6.5bn of commercial deals had already been signed by British companies to deliver jobs, growth and investment across the UK and Africa, with more deals expected to be made.

The Conservative government under Rishi Sunak planned to hold a further UK-Africa investment summit in April 2024.[2] However, in January 2024 the summit was postponed with no new date announced.[3] In its press release, the then government highlighted that work was taking place to “enhance trade and investment links” with African countries. This included supporting the Africa Continental Free Trade Area (AfCFTA), increasing market access for African countries through the UK’s developing countries trading scheme and supporting British International Investment (BII), the UK’s development finance institution, which has “more than half of its portfolio in Africa”. In July 2024, the new Labour government was asked about plans to reschedule the summit. Responding, Minister for Development Anneliese Dodds said that the UK is “committed to reconnecting with African countries, listening to our African partners and putting trade and growth at the heart of our partnerships”.[4]

Following the UK’s exit from the EU, the UK also made trade deals with a number of African countries. Information on these free trade agreements can be found on the government’s website.[5]

3. Labour’s plans for government

In its 2024 general election manifesto, the Labour Party said that it would recognise the growing political and economic importance of African countries and deliver a new approach to the continent to “foster opportunities for mutual long-term benefit”.[6] On trade more widely, Labour also committed to publishing a trade strategy.[7] It said that rather than “prioritising insubstantial agreements which do not bring meaningful benefits to the UK”, it would seek “targeted trade agreements” which are aligned with its industrial strategy. In addition, Labour said that it would seek to “negotiate standalone sector deals, such as digital, or mutual recognition agreements” to promote UK services exports.[8]

4. Read more

In addition, Lord Popat tabled the same question for debate in 2021. The Hansard for this debate as well as the Lords Library’s briefing produced in preparation are available online:

Cover image by Pexels from Pixabay

References

  1. Department for International Development and Department for International Trade, ‘UK aims to be Africa’s partner of choice for trade and investment’, 20 January 2020. Return to text
  2. HM Government, ‘UK to host African investment summit in April 2024’, 9 March 2023. Return to text
  3. Foreign, Commonwealth and Development Office, ‘Postponement of the UK-African investment summit’, 31 January 2024. Return to text
  4. House of Commons, ‘Written question: UK-Africa investment summit (468)’, 26 July 2024. Return to text
  5. Department for Business and Trade and Department for International Trade, ‘UK trade agreements in effect’, last updated 30 April 2024. Return to text
  6. Labour Party, ‘Labour Party manifesto 2024’, June 2024, p 122. Return to text
  7. As above, p 121. Return to text
  8. As above, p 122. Return to text