AGOA renewal Act introduced in Washington
United States Senators Jim Risch (R-Idaho) and Chris Coons (D-Del.) have introduced the African Growth and Opportunity Act (AGOA) Renewal and Improvement Act of 2024 in Washington.
Advertisement
This bipartisan bill aims to renew and strengthen the AGOA trade preference program with sub-Saharan African countries, which is set to expire next year. AGOA facilitates deeper investment and stronger commercial ties between the United States and sub-Saharan Africa.
A statement published on the the Senate Foreign Relations Committee website stated that Senator Risch highlighted the significant role AGOA plays in U.S.-sub-Saharan Africa trade and investment, as well as in U.S. foreign policy.
The proposed legislation seeks to refine AGOA's eligibility criteria, increase transparency, and hold U.S. agencies accountable for their advice to the president.
Senator Coons emphasised how AGOA has created jobs, economic growth, and investment opportunities over the past 24 years.
Extension
The AGOA Renewal and Improvement Act would extend AGOA until 2041, providing certainty for businesses looking to increase investment in sub-Saharan Africa.
This long-term extension aims to support economic development in the region and strengthen ties between the United States and sub-Saharan African partners.
The bill includes provisions to streamline the eligibility review process, integrate AGOA with the African Continental Free Trade Agreement, and incentivise beneficiaries to develop strategies for increasing exports under the program.
Development
Meanwhile, the AGOA Civil Society (CSO) Network, a consortium of non-governmental organizations (NGOs), small-to-medium -sized business representatives, chambers of commerce and other groups in the United States and Africa that are interested in the successful application of AGOA for the benefit of the American and African people have made calls on the US government to extend the programme.
Conference
At the 9th Annual AGOA CSO Spring Conference held on April 18 at Capitol Hill, members of the organisation urged the speedy renewal of the Act.
The conference was on the theme: Timely Reathorisation and Enhancement of AGOA Beyond 2025.
The conference brought together leaders from both Africa and the US, including Congressman Jonathan Jackson; Florie Liser ( President & CEO Corporate Council on Africa); Fred Oladeinde ( Chairman, AGOA CSO Network); Dr Olivier Kamanzi (CEO Africa Global Chamber of Commerce); Robert Telchin ( Director of African Affairs, Executive Office of the President); Lars Benson (Regional Director for Africa, Center for International Private Enterprise); Melvin Foote (Founder & President, Constituency for Africa) and ambassadors from African countries.
The conference was moderated by a former Minister of Environment, Science, Technology and Innovation under the John Mahama led National Democratic Congress (NDC) government, Akwasi Opong-Fosu.bu