African leaders at 2023 Business Summit call for extension of AGOA
Leaders at the U.S.-Africa Business Summit in Botswana have urged renewal of the long-standing Africa Growth Opportunities Act (AGOA).
The trade deal gives some African countries preferential or even tax-free access for their exports to the U.S. market. The agreement is due to expire in 2025, and African delegates at the summit want the deal renewed.
Botswana President Mokgweetsi Masisi, addressing delegates gathered in Gaborone for the summit, led the pleas to Washington to renew the arrangement.
Since it was put into place in 2000, AGOA has been credited with creating more than 46,000 jobs in Africa and bolstering exports to the U.S.
“It is also our earnest hope that in consonance with the letter and spirit of the U.S.-Africa Leaders Summit, the Biden administration will renew the African Growth and Opportunity Act initiative, which expires in 2025," he said. "The AGOA renewal now, with expanded mandates, will give a strong signal and confidence to the markets and serve as a catalyst for Africa's industrialization and inclusion into the global value chains."
Florie Liser, chief executive and president of the Corporate Council on Africa, which organizes the U.S.-Africa Business Summit, said there is a need to examine AGOA in light of an agreement known as the African Continental Free Trade Area.
"A lot has changed" in Africa and beyond since AGOA came into being, she said. "The advent of the African Continental Free Trade Area is fostering much closer economic and commercial integration on the continent, which will spur the creation of regional and continental value chains and increase value added across key sectors. In many ways, the question is how best we can support this development.”
The Atlantic Council Africa Center produced a report titled The Future of U.S.-Africa Trade and Investment, which analyzes the future of the AGOA. The report was issued Wednesday at the U.S.-Africa Business Summit.
Frannie Leautier, a senior fellow at the Atlantic Council and the report’s lead author, said, "On extending or renewing AGOA, the idea is to realize the potential of AGOA for long-term development through greater certainty, planning and skilled up support for capacity development and investment flow. The first [recommendation] is straightforward: just extend it. The second one is to provide longer-term certainty about AGOA eligibility, because investors are waiting for that. Nobody is going to invest now if they think AGOA is not going to be extended.”
Not all African countries benefit from AGOA. Some, like Ethiopia, Mali and Guinea, were barred because of coups and human rights violations. South Africa’s eligibility is being reviewed over the alleged sale of arms to Russia.Meanwhile, Scott Nathan, chief executive of the U.S. International Development Finance Corporation, who is leading the U.S. government delegation at the summit, pledged continued support for Africa.
“[The] United States is focused on what we will do with African nations and people, and not for African nations and people," he said. "We work to deepen and understand our partnership, amplify African voices and support the empowerment of Africans.”
The summit has drawn more than 1,300 delegates, including leaders from Eswatini, Lesotho, Mozambique, Niger and Zimbabwe.
Read related news articles
CTI and CCA coming together to develop a US-Tanzania trade and investment strategy
The Confederation of Tanzania Industries (CTI) has partnered with the Corporate Council on Africa (CCA) to develop a strategic approach to increase US-Tanzania trade and investments. The call was made by Ambassador Elsie Kanza, the Tanzanian Ambassador to the US. Among many other things, Ambassador Kanza tasked CTI to bring more visibility and awareness to the opportunities to expand Trade and investment between Tanzania and the USA under the...
13 November 2023
New deal for African, US companies to partner under AfCFTA
African and US companies will soon enjoy a partnership of trading and investment building on provisions provided under the African Continental Free Trade Agreement (AfCFTA). This is according to a new Memorandum of Understanding signed between the AfCFTA Secretariat and Corporate Council on Africa – an American organisation devoted to fostering US-Africa business relations – with an aim to increase private sector support and involvement...
04 November 2023
US AGOA and private sector collaboration as backbone for strengthening relations with Africa
With over 1300 delegates at the US-African Business Summit held mid-July in Gaborone, Botswana, the main focus was on mapping out strategies to strengthen trade and economic relations between the United States and Africa. Majority of the speakers emphasized reviewing and widening collaboration between governments, while others underlined the importance of the private sector as the key driver in achieving robust economic growth in...
17 July 2023
'US and Africa to strengthen trade through AGOA and private sector collaboration' - 2023 Business Summit
With over 1300 delegates at the US-African Business Summit held mid-July in Gaborone, Botswana, the main focus was on mapping out strategies to strengthen trade and economic relations between the United States and Africa. The majority of the speakers emphasized reviewing and widening collaboration between governments, while others underlined the importance of the private sector as the key driver in achieving robust economic growth...
16 July 2023
‘US companies should be looking at Africa for sourcing and manufacturing’
The president and CEO of the Washington-based Corporate Council on Africa talks to African Business ahead of the US-Africa Leaders Summit in December. The US-Africa Leaders Summit takes place in Washington, DC, from December 13 to 15 2022. With 49 African leaders invited, the meeting is due to cover multiple aspects of the relationship between the US and Africa, including economic engagement, security, education, health and...
29 November 2022
Remarks at the 2022 US-Africa business summit "Building Forward Together"
Remarks by Vice President Harris to the 2022 U.S.-Africa Business Summit As Prepared for Delivery Greetings from Washington, D.C. I want to thank the Corporate Council on Africa, the Kingdom of Morocco, and His Majesty King Mohammed for hosting the 2022 U.S.-Africa Business Summit. I am honored to participate in this opening ceremony. President Joe Biden and I recognize the critical importance of strengthening our relationship with...
21 July 2022
CCA 2021 business summit: 'New pathways to a stronger US-Africa economic partnership'
The Corporate Council on Africa (CCA) will hold this year's 13th U.S.-Africa Business Summit virtually to build sustainable partnerships and opportunities between key government and private sector decision-makers across America and the African continent. With participation from over 1,000 U.S. and African business executives and government leaders, this year's CCA Summit will give your organization a seat at the table in building new pathways...
17 June 2021
SA president to meet with US Chamber of Commerce over investment
President Cyril Ramaphosa will participate in a virtual business and investment roundtable on Tuesday (10 November) with representatives from three major business organisations from the United States. The organisations are the Business Council for International Understanding (BCIU), the Corporate Council on Africa (CCA), and the US Chamber of Commerce. “The president will be supported by South Africa’s Ambassador to the United States, Ms...
10 November 2020
COVID-19: Africa and the United States to remain key partners, says President Kagame
A four-day leaders forum hosted by the Corporate Council on Africa (CCA) opened Tuesday with Rwandan President Paul Kagame saying Africa and the United States will remain key trade and investment partners post the crippling coronavirus pandemic. Mr. Kagame, in opening remarks to the forum on the theme Resilient U.S.-Africa Business Engagement to Drive Post COVID-19 Recovery, said; “The world is full of uncertainties right now but there...
24 June 2020
Opinion: US economic intervention into Africa
US deputy Secretary of Commerce Karen on Wednesday announced at the opening ceremony of the U.S.-Africa Business Summit on Wednesday in Maputo, that the Trump administration message to Africa is simple and blunt:” Choose the United States over China and Russia.” One can clearly see this as another chapter of President Trump to isolate the Russians and China from trading and investing globally. One must see this latest attempt to...
27 June 2019