Pretoria, South Africa – (African Boulevard News) – African countries are set to push for an extension of the U.S. Africa Growth and Opportunity Act (AGOA) program, which grants sub-Saharan African nations duty-free access to American markets. This move comes as the current program is set to expire in 2025.
The U.S. AGOA program has been instrumental in promoting trade and economic growth between Africa and the United States since its inception in 2000. It has been mutually beneficial, allowing African countries to export various goods to the U.S. without facing tariffs or other trade barriers.
According to industry experts, the extension of the AGOA program is crucial for the economic development of African nations. “AGOA has played a significant role in expanding trade between Africa and the U.S. It has created job opportunities and boosted economic growth in many African countries,” said Dr. Tunde Adeleke, an economist at the University of Lagos.
The duty-free access provided under AGOA has facilitated the export of various African products, including textiles, agricultural goods, and manufactured items. This has not only helped diversify African economies but has also provided a lifeline for industries heavily reliant on U.S. markets.
“Africa has a wealth of resources and a vibrant workforce. Duty-free access to U.S. markets gives us a competitive advantage and encourages investment in key sectors,” stated Amina Mohammed, the Executive Director of the United Nations Development Program (UNDP).
The expiration of the AGOA program in 2025 raises concerns among African countries. They fear that without an extension, the progress made in expanding exports to the U.S. market may be reversed and result in significant economic setbacks.
To address these concerns, African countries are expected to leverage diplomatic channels to lobby for an extension of the AGOA program. They will highlight the positive impact the program has had on their economies and emphasize the potential for further growth if the duty-free access is extended.
“The AGOA program has been a critical catalyst for economic development in Africa. It is essential for African countries to continue leveraging these trade opportunities to sustain and enhance economic growth,” said Dr. David Owot, a trade expert based in Nairobi.
As negotiations for the extension of AGOA begin, African nations are hopeful that their voices will be heard, and the benefits of the program will be extended beyond 2025. The expansion of duty-free access to U.S. markets would undoubtedly support the growth and development of African economies, foster job creation, and further strengthen the trade ties between Africa and the United States.
URLs:
1. https://www.africanews.com/2023/11/02/african-countries-to-seek-extension-of-duty-free-access-to-us-markets/
2. https://www.google.com/search?q=African+countries+to+seek+extension+of+duty-free+access+to+US+markets
