Froman Pushes AGOA, GSP Renewal as Africa Leaders Summit Approaches
The U.S. faces a critical opportunity in the coming days to determine how best to boost trade with Africa as the Obama administration prepares to host 50 African heads of state for the U.S.-Africa Leaders Summit from Aug. 4-6, said…
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U.S. Trade Representative Michael Froman in remarks before the Brookings Institution on July 29. The House and Senate will also host hearings on the African Growth and Opportunity Act (AGOA) on July 29 and July 30 (see 14072537). Froman said the administration is collaborating with Congress to renew AGOA and the expired Generalized System of Preferences. AGOA, which entered into force in 2000, is due to expire at the end of fiscal year 2015 and many beneficiaries of the program are pushing for early renewal in order to preserve existing supply chains. “Since 2000, U.S. goods exports to sub-Saharan Africa increased fourfold, from $6 billion to $24 billion,” said Froman. “Last year, U.S. exports to sub-Saharan Africa supported nearly 120,000 jobs here in the United States. Given that Africa is home to the world’s fastest-growing middle class and six out of the top 10 fastest-growing economies in 2014, it’s easy to see why global companies like GE, Caterpillar, and Procter & Gamble increasingly view engaging with Africa not as a choice, but as a necessity.”