Free trade between Africa and the United States is under the spotlight, with a one day summit underway on the African Growth and Opportunity Act (AGOA).
Former City of Cape Town Economic Councillor Garreth Bloor and ex Ambassador to the US, Ebrahim Rasool, both spoke out in favour of the trade agreement during a briefing on its extension on Capitol Hill, in Washington, DC.
Like other proponents they argued free trade is mutually beneficial. “AGOA provides duty-free market access to the United States for qualifying sub-Saharan African countries by extending preferences on more than 4 600 products. Business Times reported on Sunday that the current Agoa agreement had allowed 90% of South Africa exports into the US duty free for the past 15 years,” according to southafrica.info.
The AGOA Summit, being attended by Trade and Industry Minister Rob Davies, is assessing the current opportunities under the free trade agreement and the progress made to date based on the agreement.
At the moment it is not clear how many SMMEs have taken up the opportunity to export.
For SMMEs looking to find out more on how to take advantage of AGOA email us at email@example.com