The African Union Commission has welcomed the US House of Representatives’ decision to extend the African Growth and Opportunity Act (AGOA) for three years. The Chairperson of the Commission, H.E. Mahmoud Ali Youssouf, commended the bipartisan support demonstrated by US lawmakers, highlighting the enduring commitment of the United States to strengthening trade and investment ties with African economies.
AGOA has been a cornerstone of US-Africa economic relations for over two decades, supporting industrialization, job creation, and regional value chains across the continent. The Act has fostered mutually beneficial economic ties and reinforced Africa’s role as a reliable partner in global commerce. According to Mr. Youssouf, AGOA has been instrumental in promoting inclusive growth and supporting African economies.
As the bill proceeds to the US Senate, the Chairperson appealed to lawmakers to give favorable and timely consideration to the extension. He emphasized the importance of upholding partnership and shared strategic interests between the US and Africa. The African Union Commission reaffirms its commitment to working closely with the US government, Congress, and stakeholders to ensure AGOA continues to serve as a bridge for economic cooperation.
The extension of AGOA is significant, as it provides a framework for US-Africa trade and investment relations. The Act offers duty-free access to the US market for eligible African countries, promoting economic growth and development. With the global economy facing numerous challenges, the extension of AGOA is a positive step towards strengthening economic ties between the US and Africa.
The African Union Commission will continue to work with US lawmakers and stakeholders to ensure the successful implementation of AGOA. As the bill moves to the Senate, the Commission urges lawmakers to prioritize the passage of the extension, recognizing the benefits of AGOA for both US and African economies. The extension of AGOA is a crucial step towards promoting economic cooperation and reinforcing the partnership between the US and Africa.
