SOUTH AFRICAN TRADE MINISTER LEAVES FOR AGOA FORUM IN WASHINGTON D.C.
PRETORIA– South African Trade and Industry Minister Rob Davies left here Sunday night for Washington DC to attend the 17th Forum of the United States Africa Growth and Opportunity Act (AGOA) taking place in the US capital on july 11 and 12.
The AGOA is a US law enacted in May 2000 to enable qualified sub-Saharan African countries to have duty-free access for their exports to the US. The Act was extended on in June 2015 by a further 10 years to 2025.
The AGOA Forum is an annual meeting held on an alternating basis between sub-Saharan Africa and the United States with the 16th Forum hosted by Togo in August last year.
The theme for this year’s Forum is Forging New Strategies for US-Africa Trade and Investment. The forum will focus on the implementation of AGOA, as well as strategies for deepening the US-sub-Saharan Africa trade and investment relationship.
The AGOA is a unilateral US trade preference programme which provides duty-free quota-free treatment for more than 6,400 tariff lines from 40 AGOA-eligible sub-Sahara African countries, including South Africa. into the US market.
South Africa is the largest non-oil AGOA-beneficiary country, exporting products such as automobiles and auto parts, agricultural products, chemicals, steel and aluminium products, among others.
Davies says this year’s forum provides an important platform to discuss how to preserve the AGOA preferences as well as how the programme can support regional integration efforts in the continent, especially the regional value chains in light of the recent signature of the Africa Continental Free Trade Agreement (AfCFTA).
Davies notes that the AGOA has resulted in a relatively balanced, growing, diversified and mutually beneficial trade relationship between South Africa and the United States.
Source: NAM NEWS NETWORK