Mozambique and the United States negotiate new trade and investment framework agreement
A delegation of the United States government is visiting Maputo until Friday in order to carry out the revision of the United States-Mozambique Trade and Investment Framework Agreement (TIFA), according to a report in Mozambican newspaper Notícias.
Known as TIFA, the agreement that is currently in place between the US and Mozambique was signed in June, 2005.
Notícias said that ambassador Demetrios Marantis, the assistant United States Trade Representative, will be working with the Mozambican Ministry for Industry and Trade and with the private sector to further encourage improvements in the business climate in Mozambique and try to increase two-way trade through several existing mechanisms.
Amongst the mechanisms is the African Growth and Opportunity Act (AGOA), the use of Turtle Extruder Devices (TED) to ensure the US market is opened up to seafood from Mozambique and the Let’s Do Business conference in March.
Mozambique was one of the first of the 38 countries tat are now eligible to export around 6,500 products to the US, which are exempt from customs taxes as part of AGOA.
In terms of trade, US exports to Mozambique include energy products, wheat, trucks and tractors and US imports from Mozambique are mainly of titanium and tantalum, cashew nuts and gemstones.