The European Commission and the High Representative for Foreign Affairs presented the basis for a new strategy with Africa on March 11. Several objectives are outlined in the Action Plan: establishing a partnership on green and digital transition, supporting the development of a legislative framework for trade and investment, defining partnerships in education and research, increasing investment and cooperation in the humanitarian and security field. In this sense, what the Commission is planning will affect all companies that trade or plan to trade with Africa, but also all African States themselves, which will be able to benefit from this strengthened partnership.
More specifically, the energy sector is particularly concerned, as the EU wishes to step up investment in decarbonised energy. Regulatory convergence will be promoted, in particular on e-commerce and the digitisation of financial services and data regulation. African states will benefit from a renewed flow of investment of public and private funds. Through the NDICI tool, the EU foresees more than EUR 60 billion of investment in guarantees from 2021 to 2027. In addition, the EU will provide financial and technical assistance in the implementation of the African continent’s free trade agreement. This partnership will also be an opportunity for companies with activities in Africa to strengthen their presence. The programme provides for the establishment of a regulatory framework to ensure a level playing field and investment protection in all African States.
To sum up, this new strategy marks the EU’s willingness to strengthen its relationship with Africa in various fields, from ecology to the digital economy. The aim is to reach a new Joint EU-Africa Strategy replacing the 2007 Joint Strategy after the new African-EU Summit planned for October 2020. This document sets out a renewed ambition for Africa-EU relations. It is necessary for African States as well as for companies trading with Africa to strengthen their presence in Brussels in order to make the most of these renewed ambitions.