Froman Reiterates Commitment to Seamless AGOA Renewal
The African Growth and Opportunity Act continues to lay the foundation for U.S. trade with sub-Saharan Africa, and the Obama administration is committed to “seamless” renewal of the program, said U.S. Trade Representative Michael Froman in a statement to reporters.…
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Froman attended the World Economic Forum on Africa conference in Abuja, Nigeria on May 8. The law expires at the end of fiscal year 2015, and industry officials say renewal legislation must be passed by the end of 2014 in order to maintain current sourcing relationships. “Africa is home to some of the fastest growing economies in the world and there has been important progress in establishing an improved business environment in several African countries," said Froman, while noting the administration aims to recommend enhancements to the law. “President Obama is committed to a robust and fruitful trade relationship with Africa, and USTR will continue working to spur the growth and development that brings our peoples closer together.” Some industry officials have called for changes to the rules of origin and investment protections, among other enhancements, in reauthorization legislation (see 14040402).