One of the lessons of the sovereign debt crisis spurred by the COVID-19 global pandemic is that China now plays an outsize role in the African economy, having displaced Western governments and key international organizations to become Africa’s largest bilateral creditor, source of foreign direct investment, and trading partner. After four years of not-so benign neglect Washington’s attention is again focused on Africa, largely to curb the rising influence of China on the continent. However, the United States may discover that in this 21st century “scramble for Africa” many states have already chosen to align their economic interests with Beijing, with serious implications for Washington’s position at the apex of the global financial order. Nowhere is this more clear than in China’s unveiling of its e-currency, the digital yuan, and the potential it has for helping displace the U.S. dollar as the world’s reserve currency.
Foreign Direct Investment (FDI)
Gray and Gills (2016) view South-south cooperation (SSC) as an organising concept and a set of practices in pursuit of historical changes through a vision of mutual benefit and solidarity among the disadvantaged of the world system. From this perspective, SSC has become increasingly important as a means for countries within the global south axis to share knowledge, experience, know-how and solutions. In forging these interactions between South-South countries, "horizontality" is pivotal for conveying ideas of trust, mutual benefit and equity among cooperating countries. There has been a longstanding relationship between Africa and the Caribbean, with the two regions historically collaborating in areas of mutual interest at the bilateral, regional and multilateral levels. This partnership has been renewed over time in keeping with changes in the global political economy. However, while these states continue to cooperate in multiple fora in relation to different issues, economic activity and trade between them remain negligible. This paper argues that there is potential to enhance integration between these two regions by mainstreaming trade relations through a deliberate effort by related governments via SSC.
An African-Caribbean Economic Engagement Network is a grand vision of bold design and will not be easy to achieve; however, the fact that it is possible should be cause for optimism.
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I propose that it is our current and future battles that will determine the meaning and impact of decolonisation in Africa and beyond. As things stand now, the dead are certainly not safe. Let me elaborate on this claim drawing from Professor Taylor’s work: his piece draws from the classics of Third Worldist Marxism and dependency theory to provide a sober account of Africa’s nominally post-colonial present.
While procedural reforms are important, substantive reform should be foregrounded. If substantive reforms cannot take place then African states should exit the ISDS scene.
If Africa is genuinely interested in the reforms of ISDS then the words of the Kenyan delegation at the UNCITRAL working group must be our yards stick; the desired outcome will only be achieved when we begin to consider the substantive issues in an open, frank, free, and transparent manner, noting the need to fast track the conclusion of a holistic reform process of the ISDS. Perceptions and plausible folk theories aimed at nothing but creating hegemony in ISDS must be shunned. My crystal ball tells me that ISDS is here to stay, thus we must make no mistakes, but shape ISDS to suit our future interests.
Narratives are stories that get embedded in the general understanding of why and how a phenomenon takes place. Many narratives exist within International Investment Law (IIL) concerning its role in the international legal order, particularly in development. However, what if these narratives were to get turned on their head?
This contribution focuses on the inequalities that result within countries as a result of the activities of the oil and gas industry and which endure in spite of the local content policies that are adopted. Without endorsing local content as a legal/policy option that captures the position of local communities regarding the oil and gas industry, it argues that it is necessary to clarify the definition of local content because if the scope of local content is unknown, there is a likelihood that it will remain difficult to determine whether goals are being met especially with regard to host and impacted communities.