Ebrahim Patel: Agoa needs to be updated to address African challenges
Trade and Industry Minister Ebrahim Patel said some trade ministers from the Sub-Saharan region and the US have agreed to small tweaks to the African Growth and Opportunity Act (AGOA).
AGOA, established in 2000, gives eligible African countries an exemption from taxes on their exports to the US.
However, there were some concerns that the arrangement needed to be updated to address the challenges faced by African economies.
This included the eradication of red tape to enable small businesses to trade.
While Patel said a few technical aspects needed to be rehashed, he didn’t believe the arrangement needed a complete overhaul.
He spoke during the closing of the 20th annual AGOA conference in Johannesburg on Saturday.
“But we were clear that we do not want a major rewrite of Agoa – we are not looking for Agoa to be scrapped and a complete rewrite, we’re looking for refinements. And the reason for that is that time is of the essence. Investors have begun to push the pause button, procurers are beginning to press the pause button. An early decision will unpause those buttons.”
Since its inception in 2000, AGOA (African Growth and Opportunity Act) has been pivotal in strengthening economic ties and promoting growth and development across the African continent. pic.twitter.com/OSvXSWPYfk
— Presidency | South Africa (@PresidencyZA) November 4, 2023
-EWN
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