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African leaders at the U.S.-Africa Business Summit in Botswana urged the renewal of the long-standing Africa Growth Opportunities Act (AGOA). Since it was put into place in 2000, AGOA has been credited with creating more than 46,000 jobs in Africa and bolstering exports to the U.S.
African leaders at the U.S.-Africa Business Summit in Botswana urged the renewal of the long-standing Africa Growth Opportunities Act (AGOA). Since it was put into place in 2000, AGOA has been credited with creating more than 46,000 jobs in Africa and bolstering exports to the U.S.
The trade deal gives some African countries preferential or even tax-free access for their exports to the U.S. market. The agreement is due to expire in 2025, and African delegates at the summit want the deal renewed. Botswana President Mokgweetsi Masisi, addressing delegates at the U.S.-Africa Business Summit, put the request across to Washington to renew the arrangement. The AGOA renewal now, with expanded mandates, will give a strong signal and confidence to the markets and serve as a catalyst for Africa’s industrialization and inclusion into the global value chains. There is a need to examine AGOA in light of an agreement known as the African Continental Free Trade Area.
The advent of the African Continental Free Trade Area is fostering much closer economic and commercial integration on the continent, which will spur the creation of regional and continental value chains and increase value-added across key sectors. Not all African countries benefit from AGOA. Some, like Ethiopia, Mali, and Guinea, were barred because of coups and human rights violations. South Africa’s eligibility is being reviewed over the alleged sale of arms to Russia.
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https://trendsnafrica.com/us-africa-summit-underway-in-botswana/
The US-Africa Investment Summit is an annual event that brings together leaders from both continents to discuss investment opportunities and promote economic growth. This summit is a platform for African countries to highlight their investment potential and attract foreign investors. The focus of the summit is on sectors such as Energy, Infrastructure, Agriculture, Trade, Finance, Education, Health and Technology. The summit also provides an opportunity for American businesses to expand their operations into Africa and develop mutually beneficial partnerships. The US-Africa Investment Summit not only promotes economic development but also strengthens diplomatic ties between the two continents. With Africa being the fastest-growing region in the world, the summit is a vital step towards achieving sustainable development and reducing poverty in the region.
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