Post by Trade Coach on Aug 7, 2014 20:58:23 GMT 1
Exports From AGOA Nations to U.S. Exceed U.S. $26 Billion in 14 Years
The United States says it has so far imported qualifying products from African countries worth over $26 billion under the African Growth and Opportunities Act (AGOA) since it was enacted 14 years ago.
Enacted by the U.S. Congress in May 2000, the legislation seeks to improve the relationship between sub-Saharan African economies and the U.S., providing trade preferences for quota and duty-free entry for certain goods, including duty free access to the U.S. market. Over the 14 years, and under AGOA exports from sub-Saharan Africa to the United States more than doubled, while non-oil / non-mineral exports have increased fourfold.
Addressing participants at the 2014 U.S.-Sub-Saharan Africa Trade and Economic Cooperation Forum hosted by Bloomberg Philanthropies and the U.S. Commerce Department in Washington D.C. on Monday, Ambassador Michael Froman, Trade Representative, said within the period, "AGOA has been the cornerstone of U.S. trade policy with sub-Saharan Africa, and in broad strokes, it has been a success."
In the speech made available to **Daily Independent** on Tuesday, Froman said non-oil imports from AGOA countries increased fourfold, as has the stock of U.S. foreign direct investment, contributing to the diversification and competiveness of sub-Saharan Africa's economies and supporting hundreds of thousands of jobs across the continent.
Continuing, he admitted that the U.S. has indeed benefitted from the act, "not just from the stability that comes with increased global prosperity, but also from the market opportunities that accompany Africa's rise.
Source: AllAfrica
The United States says it has so far imported qualifying products from African countries worth over $26 billion under the African Growth and Opportunities Act (AGOA) since it was enacted 14 years ago.
Enacted by the U.S. Congress in May 2000, the legislation seeks to improve the relationship between sub-Saharan African economies and the U.S., providing trade preferences for quota and duty-free entry for certain goods, including duty free access to the U.S. market. Over the 14 years, and under AGOA exports from sub-Saharan Africa to the United States more than doubled, while non-oil / non-mineral exports have increased fourfold.
Addressing participants at the 2014 U.S.-Sub-Saharan Africa Trade and Economic Cooperation Forum hosted by Bloomberg Philanthropies and the U.S. Commerce Department in Washington D.C. on Monday, Ambassador Michael Froman, Trade Representative, said within the period, "AGOA has been the cornerstone of U.S. trade policy with sub-Saharan Africa, and in broad strokes, it has been a success."
In the speech made available to **Daily Independent** on Tuesday, Froman said non-oil imports from AGOA countries increased fourfold, as has the stock of U.S. foreign direct investment, contributing to the diversification and competiveness of sub-Saharan Africa's economies and supporting hundreds of thousands of jobs across the continent.
Continuing, he admitted that the U.S. has indeed benefitted from the act, "not just from the stability that comes with increased global prosperity, but also from the market opportunities that accompany Africa's rise.
Source: AllAfrica
