Cape Town – The upcoming African Growth and Opportunity Act (Agoa) Summit presents an opportunity for South Africa to emphasise its relationship with the United States, according to Trade and Industry Minister Ibrahim Patel.
The summit, scheduled for November 2nd to 4th at the Nasrec Expo Centre in Johannesburg, will bring together government, business, labour, and civil society representatives eligible for Agoa, which offers duty-free access to the US market.
The event will focus on ways to enhance the benefits of Agoa, extend South Africa’s participation, and promote African industrialisation and beneficiation.
Notably, around 360 participants, including trade ministers, buyers, importers from Africa and the US, and congressional representatives, are expected to engage in trade discussions during the summit.
Relations between the US and South Africa became strained earlier this year when US Ambassador Reuben Brigety publicly accused Pretoria of facilitating the transportation of weapons for Russia through an unidentified merchant ship.
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Meanwhile Presidential Spokesperson Vincent Magwenya said: “The Agoa forum serves as a vital platform for the United States to build on the success of the Africa Leaders’ Summit and further enhance the economic partnership with African states, under the aegis of the United States’ African Growth and Opportunity Act that was approved by the US Congress in May 2000.”
He added: “Over the course of the event, participants will delve into conversations about strengthening trade and investment ties between the United States and Sub-Saharan Africa, with a focus on promoting resilient, sustainable, and inclusive economic growth and development.
“Agoa…remains a key driver of economic growth and development. An extension of Agoa beyond 2025 is expected to promote inward investment in Africa and provide mutual benefits to the United States and African countries.
“This extension will further support the African Continental Free Trade Area, covering 54 countries and 1.4 billion people,” said Magwenya.
The extension of Agoa beyond 2025 is expected to promote inward investment in Africa and support the African Continental Free Trade Area, covering 54 countries and 1.4 billion people.
South Africa has benefited from Agoa, with significant export growth, job creation, and strengthened economic relations since its inception in 2000.
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Compiled by Betha Madhomu
