Trade relations: Russia-Ukraine war will reinforce Africa's relations with Europe@weight>
Since 2020, the expansion in trade between Africa and the European Union has outstripped any other two regions globally, although EU-Africa trade remains asymmetrical. Africa still exports raw materials and some manufactured goods - including transport equipment and parts, textiles and agrifood products - into EU markets, while importing manufactured goods from the EU.
This report assesses the potential for expanded trade in the near and medium term. The key points are:
- We are in a period out of equilibrium in which trade, security and economic relationships are all rebalancing
- This is raising heightened focus on globalization as countries look to de-risk, a trendline accelerated by the Russia-Ukraine war
- Trade between Africa and Europe has accelerated since the outbreak of the Russia-Ukraine war
- Europe's need for alternative gas supplies away from Russia, and to source supplies of critical minerals as it looks to the energy transition ahead, creates new opportunities to deepen the trade relationship between Africa and Europe in the coming years
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