(3 Minutes Read)
Nearly 550 new trade and investment agreements were signed, registering a 67% increase over 2022 in terms of number and value
The United States signed record trade deals with Africa this year, aggregating US$14.2 billion, to establish its strong footing in economic cooperation with Africa, which continues to be an area of influence of the Chinese.
Nearly 550 new trade and investment agreements were signed, registering a 67% increase over 2022 in terms of number and value. This was revealed by British Robinson, coordinator of the US-led Prosper Africa trade initiative. Going by the figure quoted by the US Agency, it is seemingly a very productive year for the US-African trade and economic cooperation. A year ago, U.S. President Joe Biden pledged to “pull out all the stops on the continent.
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In December, Washington pledged to invest US$55 billion over three years in Africa to counter the growing presence of China. Over the years, China has invested heavily in infrastructure construction, investments, and loans. The US authorities have pointed out it has already achieved over 40% of these commitments, which will scale up by 70% by the end of the second year.
