TRALAC - Trade Law Centre

Angola: Trade minister points out new perspectives for Angolan economy

Tuesday, 03 August 2010 Published: | Angola Press

Source: Angola Press

Angolan minister of Trade, Maria Idalina Valente, said in Washington that the global financial crisis has opened new perspectives for diversifying of the country’s economy with a view to face up the emerging challenges.

Idalina Valente, who was speaking at the end of the Consultative meeting gathering ministers of Trade, stated that the crisis also opened perspectives to diversifying other export markets.

“Exactly, with regard to our country, member of Africa Growth and Opportunity Act (AGOA) since 2003, the crisis opened new perspectives in order to diversify our economy and export in order to achieve other markets and face the emerging challenges", stressed the minister.

Maria Idalina Valente added that the Trade and Investment Framework Agreement (TIFA), signed in 2009 between Angola and US, constitutes an essential tool in the increasing of trade relations between the two countries, aimed at diversifying of the already existing cooperation.

The minister who has been since Saturday in the United States, at the head of her country's delegation at IX Forum of “AGOA”, attended Sunday, the meeting of consultative group of Trade Ministers.

The official deplored the engagement of commerce between US and Sub-Saharan Africa, which, according to the statistics, reflects a growth of export relatively low,“ despite enormous opportunities created by AGOA”.

The minister's view has to do with the fact of the products related to the energy sector still represent over 90 percent of the global exports.

The US total commerce with sub-Saharan African (exports and imports) reduced to 40,7 percent in 2009 and the drop continued following the global decline, 27.4 percent in 2009, as the result of economic and financial crisis.

During the meeting, the participants analysed and approved the reports of the meeting of experts, held Saturday, 31 July, which was marked by the transfer of Kenya's presidency to Zambia.

Monday and Tuesday the Ministerial Forum, made up of plenary will address topics aimed at exploring new strategies aimed at reducing the trade barriers and create new opportunities, thus expanding and strengthening the commerce between the United States of America and Africa in the context of a changing global environment.

The Angolan minister will meet, on the sidelines of the Forum, with Ron Kirk, US representative of Trade Agency (USTR), and Demetrios Marantis, US assistant trade representative (USTR).

According to the programme, the US State Secretary, Hillary Clinton, will address after the conclusion of debates.

The Angolan delegation comprises, José Amaro Tati, the State secretary for Agriculture, Carla Ribeiro and Carlos Masseca, vice-ministers of Transports and Health, respectively, the director of the Office of Secretary of State of Agriculture, national directors of MINADER, Fisheries, Energy and Water.

High-ranking officials of the Ministers of Trade, Economic and Health Coordination also integrate the delegation, in addition to the commercial representatives of Angola and diplomats in the United States.

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