The AGOA (African Growth and Opportunity Act) forum is a major event that brings together key players in trade between the United States and sub-Saharan African countries each year. For the 2024 edition, this event is scheduled to take place on July 25 and 26 in Washington DC, United States. This date coincides with the tabling of a bill aimed at extending the AGOA trade agreement until 2041.
This initiative is of particular importance because it aims to modernize this trade agreement, which has been a pillar of cooperation between the United States and Africa for more than two decades. US Senators Jim Risch and Chris Coons have introduced a bill in Congress to extend AGOA for 16 years, to maintain trade benefits granted to eligible countries.
AGOA provides sub-Saharan African countries with the ability to export most of their products to the United States without tariffs, thereby promoting economic development in the region. This extension of the agreement would allow companies to have long-term visibility to increase their investments in sub-Saharan Africa, in a context where many companies seek to diversify their supply chains.
The Senate Foreign Relations Committee supports the extension, highlighting the benefits it would bring to businesses and the economy as a whole. Indeed, the certainty provided by a long-term extension of AGOA could boost trade and help strengthen economic ties between the United States and Africa.
It is essential to emphasize that AGOA is not limited to trade benefits, but also encompasses development initiatives in key sectors such as education, health and agriculture. Additionally, U.S. AGOA-related programs, such as Power Africa and Prosper Africa, aim to promote economic growth, job creation, and sustainable development in sub-Saharan Africa.
By bringing together private sector stakeholders, government representatives and civil society, the AGOA forum provides a unique platform to discuss major economic and trade issues for Africa and the United States. The exchanges that will take place during this event will strengthen cooperation between the two parties and promote mutually beneficial economic development.
In conclusion, the 2024 AGOA forum promises to be an important step in strengthening trade relations between the United States and sub-Saharan Africa. This initiative reflects the commitment of both parties to promote trade and economic development, while creating new and sustainable opportunities for businesses and people on both continents.