Bloomberg/Simon Dawson

Economy

African nations could lose $420 million in a no-deal Brexit

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The UN Conference on Trade and Development (UNCTAD) said that total export losses from 20 African countries could be as much as $420 million.

Sunday 14, April 2019

(Bloomberg) -- A study by the UNCTAD has revealed that Morocco, Ghana and Tunisia are among African nations that would lose the most if the UK doesn’t negotiate a deal by the time it has to exit the European Union (EU).

The study shows 11 nations on the continent would boost their exports by a total of $3.66 billion, led by South Africa, Mauritius and Botswana.

In a statement, UNCTAD said that a no-deal Brexit could damage smaller economies trading with the UK and the UK’s intention to lower most-favoured-nation tariffs could increase the competitiveness of some of its trading partners.

Many developing nations exports enjoy favourable market access to the UK thanks to bilateral trade agreements and because of EU unilateral preferential schemes.

Countries wanting to retain this market access need to negotiate and quickly with the UK, UNCTAD said.

 

TAGS : no-deal Brexit, UNCTAD, EU

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