American and African trade officials hold talks on AGOA

Senior American and African trade officials will meet today in Washington DC, US, for the 2016 Africa Growth and Opportunity Act (AGOA) Forum, which serves as an annual event to review and discuss ways of enhancing trade and investment between US and African markets.

The US State Department said the meeting will be held on September 26, and will feature the AGOA Forum Ministerial, which deliberate on best practices for an effective AGOA utilization strategy, addressing supply-side constraints to AGOA utilization, access to finance, preparing for a more reciprocal trade relationship, and managing risk to balance cross-border trade with security.

It said that the US Assistant Secretary of State for African Affairs, Linda Thomas-Greenfield, and US Trade Representative, Michael Froman, will deliver statements at the forum.

It disclosed that the Civil Society Forum, which brought together non-governmental and African diaspora organizations to share their ideas for reinforcing the collective efforts under AGOA, was held on Thursday and Friday in Washington DC.

Enacted in May 2000, AGOA is the cornerstone of US economic engagement with the countries of sub-Saharan Africa.

On June 25, 2015, the US Congress overwhelmingly approved legislation to re-authorize AGOA for an additional ten years. This is a strong signal that investors can and should invest with confidence in Africa.

Total African exports under AGOA more than quadrupled since the program’s inception. As of June 2015, AGOA eligible countries have exported nearly US$480 billion worth of goods to the US under AGOA and the US Generalized System of Preferences.

By providing duty-free access to the US market, AGOA has succeeded in helping eligible nations grow, diversify their exports to the US, and create employment and inclusive economic growth.

Under AGOA, eligible countries can export products, including value-added manufactured items such as textiles, to the US duty-free.

Source PANA


Related Images: