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WEST AFRICAN TRADE & TRANSPORT 4 MAY 2006

WEST AFRICAN TRADE & TRANSPORT 4 MAY 2006. TRADING ISSUES POST G8 NICK MCINNES DIRECTOR FOR AFRICA & THE MIDDLE EAST UK TRADE & INVESTMENT. COMMISSION FOR AFRICA REPORT. A Mixed African/ European Membership. Action Needed by the Developed World. but also

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WEST AFRICAN TRADE & TRANSPORT 4 MAY 2006

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  1. WEST AFRICAN TRADE & TRANSPORT 4 MAY 2006 TRADING ISSUES POST G8 NICK MCINNES DIRECTOR FOR AFRICA & THE MIDDLE EAST UK TRADE & INVESTMENT

  2. COMMISSION FOR AFRICA REPORT • A Mixed African/ European Membership. • Action Needed by the Developed World. but also • Action Needed from African Governments. = A PARTNERSHIP ON A WIDE RANGE OF ISSUES.

  3. G8 GLENEAGLES MEETING • Increase Aid to Africa by $25 bn a Year by 2010. • Debt Forgiveness for Poorest Countries. • Range of Commitments on Health and Education.

  4. FOLLOW UP TO G8 GLENEAGLES MEETING • UN SUMMIT – Many of the G8’s commitments given Global Endorsement. • EU Launched its New New Strategic Partnership with Africa in December 2005. • Important that 2006 and many years to come should also be Years of Africa.

  5. REAL PROGRESS MADE IN SOME AREAS. • G8’S Proposal to Cancel Multilateral Debts of 13 HIPC Countries in Africa Implemented by IMF. • Nigeria able to reach agreement with Paris Club on settling its Outstanding Debt.

  6. MAIN EXCEPTION IS TRADE • Disappointing Outcome to the WTO Ministerial in Hong Kong in December. • Trade NOT Aid is What is Needed by Africa. • Multiplier Effect of Trade Far Greater than Development Assistance.

  7. AFRICA TRADES VERY LITTLE AT THE PRESENT TIME • Total Exports from Sub-Saharan Africa less than Austria’s Exports ($113 bn CF $118 bn in 2004). • Not much left if Exports from South Africa and Oil Exports Excluded ($31 bn). LOW EXPORTS MEAN LOW IMPORTS. • Sub-Saharan Africa Imported $87 bn worth of goods in 2004, about the same as Poland. • UK Imports in 2004 $410 bn USA $1300 bn.

  8. ADDRESSING THE BARRIERS TO TRADE 1. EXTERNAL BARRIERS - tariffs, quotas and trade-distorting subsidies • INTERNAL BARRIERS - infrastructure, regulation and lack of transparency

  9. INTERNATIONAL COMMUNITY HAS A ROLE TO PLAY IN SUPPORTING AFRICAN GOVERNMENTS • INVESTMENT CLIMATE FACILITY. - UK has committed $30m over 3 years to the ICF. • INFRASTRUCTURE CONSORTIUM FOR AFRICA. - committed to finding funding for 5 infrastructure projects by June 2006 • On-Going DFID Support Through Public-Private Infrastructure Advisory Facility (PPIAF) and the Emerging Africa Infrastructure Facility (EAIF).

  10. BUSINESS ACTION FOR AFRICA • Launched after G8 Summit. • Brings together African and International Businesses. • Committed to Ending Poverty in Africa through Trade and Investment. • Initiatives include ‘Business for Improving Customs Administration in Africa’ (BAT).

  11. AFRICA AND GLOBALISATION • Globalisation is Closer Connection of Some International Markets. • An Africa which does NOT become more Competitive will Risk Becoming Marginalised. • Growth of China and India as New Markets for Range of Industries. • Communications Revolution – Growth in the Use of Mobile Telephones.

  12. AFRICA AND GLOBALISAITON : THE DIASPORA. • Remittances > Aid or FDI • $2 BN Nigeria • $464 M Kenya • Reduces number of people living in poverty in Africa.

  13. WEST AFRICA : THE OPPORTUNITY • Exports to West Africa amounted to $1.5 bn in 2005 (8.5% up on 2004). • Risks are higher but so are the rewards. • Many household names – Unilever, Diageo, Shell, Standard Chartered – have operated in West Africa for many years. • Economist survey : Africans are the most optimistic people in the world.

  14. UK TRADE & INVESTMENT UK Government Department responsible for helping UK companies develop their international businesses. UK Market Desk Contacts Jeff Sinclair, Senior Manager Kola Okunola, Country Manager Central, East and West Africa West and Central Africa 020 7 215 4971 020 7215 4808 jeff.sinclair@uktradeinvest.gov.uk kola.okunola@uktradeinvest.gov.uk

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