Angola: Exports to US reach over $115 billion

Angola: Exports to US reach over $115 billion
Luanda, capital of Angola

Angola's exports to the United States of America tripled in the 2004/2014 period, reaching Usd 115.39 billion last year.

This was disclosed Tuesday in Luanda by the minister of Commerce, Rosa Pacavira, while addressing the seminar on "How to export to the USA and the African Growth and Opportunity Act".

According to the official, the increase in exports has partly resulted from the country's joining AGOA established by the US Government.

Rosa Pacavira said that statistics from the US Trade Department indicate that between 1985 and 2003, Angola's exports to America reached Usd 42.9 billion.

She said that before Angola joined AGOA, the US was already one of the country's major trade partners, with the former receiving the bulk of the Angolan exports, particularly oil.

The official explained that the exports were covered by the generalised preference system intended to promote the growth of the developing countries, through the exemption of customs duties for more than four thousand goods.

According to her, despite the high trade in very specific areas, with stress to oil and its derivatives, Angola is still in the process of adjusting to AGOA and its inclusion in the national economy diversification strategy, which will be an advantage, as the law provides for the reinforcement of the small and medium size company's financial capacity.

Rosa Pacavira mentioned that Africa in general and Angola in particular is faced with strengthening its future trade and investment partnership, through improving the implementation of AGOA, taking into account the new AGOA- 2015, and the advantages offered by US financial institutions and technical assistance to national companies and training of personnel.

The new AGOA-2015 was promulgated by the US president, Barack Obama, on 29 June 2015.

Rosa Pacavira recalled that Angola and the US signed in 2009 the Trade and Investment Framework Accord that provides for the establishment of a dialogue in which the parties discuss matters of common interest, including the removal of tariff and non-tariff barriers and the creation of a favourable business environment between the two countries.

According to the minister, Angola comes second among the 40 African countries exporting to the US within the framework of the above scheme.

AGOA is intended to promote the economic development and contribute to integrate the African economic activities in the world trade system and offers a structure for governments, private sector and the civil society to work together in strengthening trade between the US and Africa.

 

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