Brexit Is Not Expected to Negatively Impact Mozambique’s Trade Relations

21 September 2017

The United Kingdom’s exit from the European Union is an opportunity to make more investments in Mozambique and will not have a negative impact on bilateral trade relations, the British Minister for International Trade said on Wednesday in Maputo.

Minister Liam Fox, who travelled to Mozambique as part of a tour of some southern African countries, said that what worries potential British investors is the guarantee of macroeconomic stability and a stable legal framework.

The SADC Sugar Producers Federation last week in Maputo expressed concern about losing the main sugar market in the European Union after Brexit as the United Kingdom absorbs more than half of the output of the countries in the region.

to Mozambican daily newspaper Notícias, the minister reassured the countries in the region that his country will maintain the existing business relationship, despite being subject to further negotiations.

Fox said the UK was willing to support Mozambique in the investigation of undisclosed debts amounting to US$2 billion taken on by three public enterprises with the support of the State and that are the basis for the freezing of international aid to Mozambique by the International Monetary Fund (IMF) and the Group of 14 donor countries.

Fox visited Maputo where he met with the President of the Republic, Filipe Nyusi and the Minister of Trade, Max Tonela, to review of trade agreements between the two countries, due to the departure of the United Kingdom from the European Union. (macauhub)