US urges Zambia to diversify
The US government says the recent slump in copper prices serves as a timely reminder for Zambia to diversify its economy.
US Ambassador to Zambia Eric Shultz says serious efforts must be taken to shift the economy to agriculture, tourism and power generation.
Speaking when he officiated at the eighth US-COMESA consultative trade meeting, Ambassador Shultz also urged member countries to take advantage of the extended AGOA agreement to increase exports to the US.
He also encouraged African countries to forge bilateral ties with the US saying preferential trade agreements such as Africa Growth Opportunity Act- AGOA will not last forever.
And COMESA Secretary General Sindiso Ngwenya said the extension of the AGOA for 10 years will help transform African economies and create thousands of jobs on the continent.
At the same occasion US Assistant Trade Representative Florie Liser said although trade between the US and Africa has increased, there is still need to do more.
The American government has extended the AGOA trade agreement up to 2025, under which African exporters are given preferential access to American markets.