US supports swift renewal of AGOA
Amid fears of renewed tensions between South Africa and the United States, the global superpower has again called for a swift renewal of the Africa Growth and Opportunity Act (AGOA).
South Africa’s Trade and Industry Minister Parks Tau and Deputy Minister Andrew Whitfield are among the delegates at the 21st AGOA forum which kicked off earlier this week in Washington DC.
The Africa Growth and Opportunity Act is set to expire in 2025.
The US legislation gives more than 30 African states preferential access to the lucrative US market for almost 2,000 products.
If it falls away, AGOA beneficiaries, including SA will lose out on lower tariffs on goods exported to the US.
Some congress members in the US want SA booted out over its ties with Russia and its stance on Israel, while others believe excluding SA would further drive the country into the arms of US foes.
The Biden-Harris administration says it wants AGOA to be renewed speedily.
During her opening address on Thursday US trade representative Katherine Tai told delegates that AGOA also needed to be made fit for purpose.
This includes addressing fragile supply chains and the effects of a worsening climate crisis.
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