The European Union is the top trading partner for Africa and also the largest export market for the continent.
The Norwegian Ambassador to Tanzania, Tone Tinnes revealed here that the European Union bloc imports from Africa averages at 367 billion Euros as per 2023 data, which is a 27 percent increase from 2013, accounting for 33 percent of the total trade for the continent.
EU countries also lead in providing Direct Foreign Investments to African states.
Ambassador Tinnes was addressing the participants of the 28th Annual Research Workshop (ARW) organized in Arusha by the non-governmental organisation which conducts research and advocacy on development issues in Tanzania (REPOA).
The envoy lauded the fact that Africa is making great strides in regional trade through various trading blocs, including the East African Community, the Southern African Development Community, the Common Market for Eastern and Southern Africa and the newly established African Continental Free Trade Area.
However, while things have been going on well, suddenly the world got plunged into disaster following the outbreak of the Eastern Europe War between Russia and Ukraine.
“It led to higher costs of living due to increased energy bills, hiked food prices and shortages of fertilizers globally. This had negative effects worldwide; in Tanzania as well as other African countries,” said the Norwegian envoy.
According to Ambassador Tinnes, the quest to offset the rising costs of living and shortages of clean energy sources seems to be also taking a major toll on the global war against climate change.
“Climate change is affecting nature and society globally,” she said.
Trudy Hartzenberg is the Chief Executive Officer of the Trade Law Center (TRALAC) an independent, capacity building think tank based in South Africa, who points out that Intra-Africa trade has remained limited at only 16 Percent.
“Yet notable value addition to the African resources such as critical minerals, and agricultural products usually do not take place on the continent itself,” said Hartsenberg.
On his part the Executive Director of REPOA, Dr Donald Mmari said the 28th Annual Research Workshop, REPOA also marks its 30th Anniversary for the research institute.
“We call upon collective effort by all African countries to help address barriers for trade expansion to help unleash sustained growth,” said Dr Mmari.