1. Tricks of the trade: Strengthening EU-African cooperation on trade in services
- Author:
- Iza Lejarraga
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- European Council on Foreign Relations (ECFR)
- Abstract:
- Services are increasingly important for international trade, accounting for about half of global trade flows. Trade in services is growing more rapidly than trade in goods. Trade in services is critical for improving the competitiveness of African economies, increasing their participation in regional and global value chains, and promoting inclusive growth. Improved trade in services with African countries could help the EU diversify its supply chains, strengthening resilience and reducing dependencies on China and other Asian countries. The cooperation on domestic regulatory frameworks required for trade in services can promote a shared understanding of regulatory goals and standards between the EU and Africa across many sectors. None of the trade agreements between the EU and African countries currently covers services, and only one African country is part of the WTO Joint Initiative on Domestic Services Regulation. There is therefore no dedicated platform for cooperation on services regulations. The African Continental Free Trade Area agreement provides an unprecedented opportunity for African countries to improve domestic services regulations and could be a new basis for cooperation with the EU.
- Topic:
- International Cooperation, Treaties and Agreements, European Union, Trade Liberalization, and Trade
- Political Geography:
- Europe and Africa