Press Release - WASHINGTON—U.S. Senator Chris Coons (D-Del.) released a discussion draft of the AGOA Renewal Act of 2023that would extend and enhance the African Growth and Opportunity Act (AGOA), the cornerstone of the United States’ economic relationship with sub-Saharan Africa.
Washington, DC — WASHINGTON—U.S. Senator Chris Coons released a discussion draft of the AGOA Renewal Act of 2023that would extend and enhance the African Growth and Opportunity Act , the cornerstone of the United States’ economic relationship with sub-Saharan Africa.
The AGOA Renewal Act would extend AGOA until 2041. This long-term extension would provide businesses with the predictability needed to invest in sub-Saharan Africa at a time when many firms are looking to diversify their supply chains and reduce dependence on China. Increased investment by U.S. businesses in sub-Saharan Africa supports regional economic growth and development and strengthens the United States’ position on the continent.
AGOA was established by Congress in 2000 and most recently reauthorized in 2015. The program provides tariff-free access to the U.S. market for exports of most products from most countries in sub-Saharan Africa. Currently, 35 beneficiary countries are eligible. Eligibility depends on favorable annual reviews of a country’s trade and investment policy, governance, worker rights, human rights, and other conditions.
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