US Senator Proposes Extension to the AGOA Trade Agreement
Following the AGOA Summit in Johannesburg last month (see the Newsletter), U.S. Senator Chris Coons (D-Del.), who was one of the attendees at the Summit, has released a discussion draft of the AGOA Renewal Act that would extend and enhance the African Growth and Opportunity Act (AGOA), the cornerstone of the United States’ economic relationship with sub-Saharan Africa. This is the usual procedure “on the Hill” in Washington. The AGOA Renewal Act would extend AGOA until 2041. According to the Senator, this long-term extension would provide businesses with the predictability needed to invest in sub-Saharan Africa at a time when many firms are looking to diversify their supply chains and reduce dependence on China. Increased investment by U.S. businesses in sub-Saharan Africa supports regional economic growth and development and strengthens the United States’ position on the continent. The present agreement expires in 2025, and the US Administration has said that it will not consider a renewal until that time.
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