US to renew Africa trade pact

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from MASAHUDU KUNATEH in Accra, Ghana
ACCRA – THE United States (US) Assistant Secretary of State for African Affairs, Linda Thomas – Greenfield , revealed that the United States of America (USA) will renew the African Growth and Opportunity Act (AGOA).

“President Barack Obama has announced the AGOA will be renewed,” Thomas-Greenfield said during an online press conference to discuss U.S policy and partnerships in sub-Saharan Africa.

“Our legislature is looking at the AGOA legislature and defiantly it will be renewed before the deadline but for how long it will last for this time round am not at liberty to say. We are all waiting for congress.”

Despite the announcement of AGOA’s renewal it is unclear how long the renewal will last.

In 2000 it was approved to run for 15 years by the US Congress.

Obama is expected to meet Africa leaders in August this year in the US. AGOA is a preferential trade agreement between the United States and sub-Saharan African countries.

Currently about 39 countries in Africa have signed onto the deal.

For an African country to qualify it must be a democratic state.

AGOA allows the qualifying countries to export some products duty-free and quota free to the US.

Over 6 000 products from Africa including petroleum, clothing and various other industrial and agricultural products fall under the initiative.

AGOA which was signed into law in 2000 was enacted to expand U.S. trade and investment in sub-Saharan Africa and allows certain products made in Africa into the US duty and quota free.

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Posted by on Jul 11 2014. Filed under Featured, Finance, Finance & Banking, Investing, Investing. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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