In a statement release dated November 01, 2023, the US White House has expressed its strong support for the authorisation of the African Growth and Opportunity Act (AGOA). This landmark, bipartisan law has been a cornerstone of U.S. trade with Africa, South of the Sahara for over two decades and has significantly contributed to economic growth and job creation on both continents.
AGOA plays a vital role in promoting private-sector led economic growth in Africa, South of the Sahara by enhancing the competitiveness of African products, diversifying exports, and generating tens of thousands of high-quality jobs. The benefits of AGOA extend across the Atlantic, fostering a more competitive environment for U.S. businesses operating in the region.
I strongly support reauthorization of the African Growth and Opportunity Act— a landmark, bipartisan law that has formed a bedrock for U.S. trade with sub-Saharan Africa for more than two decades. I encourage Congress to reauthorize AGOA in a timely fashion and to modernize this important Act for the economic opportunities of the coming decade.
AGOA is facilitating private-sector led economic growth across sub-Saharan Africa by increasing the competitiveness of African products, diversifying African exports, and enabling the creation of tens of thousands of new, quality jobs in Africa. The benefits are felt on both sides of the Atlantic: AGOA fosters a more competitive environment for U.S. businesses operating in sub-Saharan Africa.
I am committed to expeditiously working with Congress and our African partners to renew this law beyond 2025, in order to deepen trade relations between our countries, advance regional integration, and realize Africa’s immense economic potential for our mutual benefit. In so many ways, Africa is the future – and so when Africa succeeds, the whole world succeeds. – President of the United States of America | Joe Biden
The statement emphasises the importance of timely re-authorisation and modernisation of AGOA, recognising its significance for the economic opportunities of the coming decade. The administration encourages Congress to act swiftly in this regard.
Furthermore, the White House is committed to collaborating closely with Congress and African partners to renew AGOA beyond 2025. This initiative aims to deepen trade relations between the United States and African nations, promote regional integration, and unlock Africa’s vast economic potential for mutual benefit.
The statement underscores the belief that Africa’s success is intertwined with the world’s future. As Africa prospers, the global community prospers, emphasising the shared responsibility to support the continent’s economic growth and development.
This statement follows a recent announcement by the Unites States to terminate Gabon, Niger, Uganda and Central African Republic from the AGOA Trade Agreement.
Read more
Source: The White House