https://en.sputniknews.africa/20231103/africa-doesnt-want-to-be-defined-as-simply-producers-of-goods-says-ramaphosa-1063283222.html
Africa Doesn't Want to Be Defined as Simply Producer of Raw Materials, Says Ramaphosa
Africa Doesn't Want to Be Defined as Simply Producer of Raw Materials, Says Ramaphosa
Sputnik Africa
The African Growth and Opportunity Act (AGOA) is a US trade law enacted in 2000 that provides duty-free access to the US market for African countries. From... 03.11.2023, Sputnik Africa
2023-11-03T17:49+0100
2023-11-03T17:49+0100
2023-11-03T17:49+0100
sub-saharan africa
russia-africa cooperation
cyril ramaphosa
south africa
johannesburg
united states (us)
https://cdn1.img.sputniknews.africa/img/07e7/0b/03/1063283028_0:0:3095:1742_1920x0_80_0_0_1439834474cd20a1b4a08917e116fd7a.jpg
Africa no longer intends to remain a source of raw materials for the whole world; the countries of the continent are striving to create their own industries that will supply finished goods to the world market, said South African President Cyril Ramaphosa at the annual economic conference AGOA Forum in Johannesburg.According to the head of state, Africa wishes to produce the products that are finished or almost finished and to receive the revenues of these goods developed locally.He also noted that AGOA has served as the cornerstone of the US-Africa commercial relationship for more than two decades, but, as a whole, it remains underutilized.US Trade Policy in AfricaThe African Growth and Opportunity Act was passed in the US in the spring of 2000. Its goal is to improve economic relations between the US and sub-Saharan Africa. AGOA now allows 35 African countries to export 1,835 types of goods to the United States duty-free. In turn, the US has special access to critical raw materials in Africa. Just 1% of US imports came from AGOA members in 2021, according to media.Congress has authorized the US President to determine on an annual basis which African countries participate in AGOA and which do not. The 10-year term of the law expires in September 2025 and the US Congress must renew it with certain changes.According to the World Bank, non-reciprocal trade deals, such as AGOA pose a significant risk to the economies of developing countries due to the possibility of abrupt suspension.Earlier, at the opening of the conference, US President Joe Biden announced that he intends to end the participation in AGOA of Gabon, Niger, Uganda and the Central African Republic (CAR) from January 1, 2024. According to him, this decision was made in connection with "gross violations" of internationally recognized human rights by the leadership of the Central African Republic and Uganda. At the same time, Niger and Gabon, according to US authorities, were unable to achieve "progress in protecting political pluralism and the rule of law."Previously excluded from AGOA were Mali, Guinea and Burkina Faso, where the military seized power in coups and civilian rule has not yet been restored. At the same time, Biden announced that for Mauritania, under AGOA, all benefits that were suspended in 2019 would be restored.From November 2 to 4, South Africa is hosting the 20th AGOA Forum 2023 in the city of Johannesburg, which gathers government officials from the US and AGOA-eligible countries, as well as regional economic organizations, private sector and others. The theme for this year's event is "Partnering to Build a Resilient, Sustainable and Inclusive AGOA to support Economic Development, Industrialisation and Quality Job Creation".
https://en.sputniknews.africa/20230726/south-africa-requests-early-extension-of-agoa-from-us-1060786234.html
https://en.sputniknews.africa/20231031/us-to-suspend-four-african-countries-from-its-agoa-trade-program-1063215498.html
south africa
johannesburg
united states (us)
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2023
Samantha Arias
https://cdn1.img.sputniknews.africa/img/07e7/0a/18/1063050346_115:0:834:719_100x100_80_0_0_1682778780537fd5aa8dd2536a012c1b.jpg
Samantha Arias
https://cdn1.img.sputniknews.africa/img/07e7/0a/18/1063050346_115:0:834:719_100x100_80_0_0_1682778780537fd5aa8dd2536a012c1b.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Samantha Arias
https://cdn1.img.sputniknews.africa/img/07e7/0a/18/1063050346_115:0:834:719_100x100_80_0_0_1682778780537fd5aa8dd2536a012c1b.jpg
russia-africa cooperation, cyril ramaphosa, south africa, johannesburg, united states (us)
russia-africa cooperation, cyril ramaphosa, south africa, johannesburg, united states (us)
Africa Doesn't Want to Be Defined as Simply Producer of Raw Materials, Says Ramaphosa
The African Growth and Opportunity Act (AGOA) is a US trade law enacted in 2000 that provides duty-free access to the US market for African countries. From November 2-4, South Africa is hosting the 20th AGOA Forum 2023, which brings together government officials from the US and AGOA-eligible countries, as well as regional economic organizations.
Africa no longer intends to remain a source of raw materials for the whole world; the countries of the continent are striving to create their own industries that will supply finished goods to the world market, said South African President Cyril Ramaphosa at the annual economic conference AGOA Forum in Johannesburg.
"Africa is an important source of critical raw materials, but we do not want to be defined to simply being the producers of commodities. The great industrial opportunity lies instead, in the transformation of the rocks that we mine and the metal that we produce into the sophisticated industrial and consumer goods that societies across the world need," said Ramaphosa.
According to the head of state, Africa wishes to produce the products that are finished or almost finished and to receive the revenues of these goods developed locally.
"We want to earn full value for our products [...] This is a journey that requires partnership. We look forward to the United States working with African countries to foster an investment approach that aims to diversify international supply chains of critical mineral, benefiting these resources here in the African continent," he said.
He also noted that AGOA has served as the cornerstone of the US-Africa commercial relationship for more than two decades, but, as a whole, it remains underutilized.
US Trade Policy in Africa
The African Growth and Opportunity Act was passed in the US in the spring of 2000. Its goal is to improve economic relations between the US and sub-Saharan Africa. AGOA now allows 35 African countries to export 1,835 types of goods to the United States duty-free. In turn, the US has special access to critical raw
materials in Africa. Just 1% of US imports came from AGOA members in 2021, according to media.
Congress has authorized the US President to determine on an annual basis which African countries participate in AGOA and which do not. The 10-year term of the law expires in September 2025 and the US Congress must renew it with certain changes.
According to the
World Bank, non-reciprocal trade deals, such as AGOA pose a significant risk to the economies of developing countries due to the possibility of abrupt suspension.
Earlier, at the opening of the conference, US President
Joe Biden announced that he intends to end the participation in AGOA of Gabon, Niger, Uganda and the Central African Republic (CAR) from January 1, 2024. According to him, this decision was made in connection with "gross violations" of internationally recognized human rights by the leadership of the Central African Republic and Uganda. At the same time, Niger and Gabon, according to US authorities, were unable to achieve "progress in protecting political pluralism and the rule of law."
Previously excluded from
AGOA were Mali, Guinea and Burkina Faso, where the military seized power in coups and civilian rule has not yet been restored. At the same time, Biden announced that for Mauritania, under AGOA, all benefits that were suspended in 2019 would be restored.
From November 2 to 4, South Africa is hosting the 20th AGOA Forum 2023 in the city of Johannesburg, which gathers government officials from the US and AGOA-eligible countries, as well as regional economic organizations, private sector and others. The theme for this year's event is "Partnering to Build a Resilient, Sustainable and Inclusive AGOA to support Economic Development, Industrialisation and Quality Job Creation".
