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Johannesburg - Minister of Trade and Industry Rob Davies returned to South Africa on Sunday after having undertaken a successful visit to the United States.
He visited the US to exchange views with different stakeholders on the future of the Africa Growth and Opportunity Act (Agoa) beyond 2015.
Agoa was signed into law by President Bill Clinton on May 18 2000, for a period of eight years and President George Bush later extended the programme to September 2015.
During his visit Davies met with the US trade representative Michael Froman, senators, members of congress, think tanks as well as businesspeople represented through the US Chamber of Commerce and the Corporate Council on Africa.
In his engagement with these role players, his central message was that Agoa is significant to the regional integration efforts in Africa.
Davies stated that Africa is pursuing a developmental integration with industrialisation and infrastructure development as its pillars. As such Agoa would support the creation of regional value chain and value addition.
Both Davies and Froman agreed that Agoa has benefitted Sub-Saharan Africa and the US.
“Agoa is the only legal framework between Sub-Saharan Africa and the Unites States and it has generated enormous goodwill between African countries and the Unites States of America," said Davies.
"For South Africa, it has underpinned exports of diversified and value added products to the US markets. Further, US investments such as Power Africa could help to support infrastructure development in Africa."
Trade statistics indicate that Agoa has transformed the way the US and Africa interact on trade and economic issues. The US total trade with Sub-Saharan Africa (exports and imports) have grown more than 250% from $28.2bn in 2001.
Agoa exports from Sub-Saharan Africa increased from US$8.15bn in 2001 to US$34.9bn in 2012.
- Fin24
He visited the US to exchange views with different stakeholders on the future of the Africa Growth and Opportunity Act (Agoa) beyond 2015.
Agoa was signed into law by President Bill Clinton on May 18 2000, for a period of eight years and President George Bush later extended the programme to September 2015.
During his visit Davies met with the US trade representative Michael Froman, senators, members of congress, think tanks as well as businesspeople represented through the US Chamber of Commerce and the Corporate Council on Africa.
In his engagement with these role players, his central message was that Agoa is significant to the regional integration efforts in Africa.
Davies stated that Africa is pursuing a developmental integration with industrialisation and infrastructure development as its pillars. As such Agoa would support the creation of regional value chain and value addition.
Both Davies and Froman agreed that Agoa has benefitted Sub-Saharan Africa and the US.
“Agoa is the only legal framework between Sub-Saharan Africa and the Unites States and it has generated enormous goodwill between African countries and the Unites States of America," said Davies.
"For South Africa, it has underpinned exports of diversified and value added products to the US markets. Further, US investments such as Power Africa could help to support infrastructure development in Africa."
Trade statistics indicate that Agoa has transformed the way the US and Africa interact on trade and economic issues. The US total trade with Sub-Saharan Africa (exports and imports) have grown more than 250% from $28.2bn in 2001.
Agoa exports from Sub-Saharan Africa increased from US$8.15bn in 2001 to US$34.9bn in 2012.
- Fin24
