Cape Town – African tradem and delegates are set to participate in the African Growth and Opportunity Act (Agoa) Forum in South Africa.
“The US delegation at the Forum will be led by the US Trade Secretary Ambassador [Katherine Tai] together with members of the Congress, businesspeople and business delegation from around the continent,” Trade, Industry and Competition Minister Ebrahim Patel said on Thursday while addressing the media on the state of South Africa’s readiness to host the Forum in Sandton, Johannesburg.
Patel said the Forum will also be attended by labour representatives from the United States and South African business people.
“We have taken steps to reduce barriers on trade. South Africa is the biggest trade market partner in the Sub-Saharan,” Patel said, adding that the forum is set to widen the trade corridors between South Africa, Africa, and the United States of America.
It will feature various sessions, product displays, and the participation of labor representatives from the US and South African business people.
To date, 360 delegates from the US business sector, including the US Chamber of Commerce, and various South African business organizations have registered for the forum. Additionally, 80 labour representatives are expected to attend. Approximately 520 firms will showcase their products at the event.
The forum’s theme is “Partnering to Build a Resilient, Sustainable and Inclusive Agenda to Support Economic Development, Industrialization, and Quality Job Creation.” Agoa is a US trade program that provides preferential access to US markets for eligible countries in sub-Saharan Africa, with the goal of promoting economic growth, reducing poverty, and strengthening trade partnerships.
South Africa is hosting the Agoa Forum in Johannesburg from November 2 to 4, 2023, making it the third time the forum is hosted in Southern Africa. The forum’s purpose is to discuss ways to enhance trade and investment relations between the US and sub-Saharan Africa and promote the implementation of Agoa, including encouraging collaborations between small and large businesses.
The Agoa Forum includes various elements, such as formal sessions, a forum for African trade ministers, private sector and labor forums, forums on competition policy, trade administration, technical standards, and development finance. It will also feature an industrial exhibition, African cuisine, displays of history, film, and music, official dinners, VIP lunches, and the possibility of community visits.
Agoa eligibility is determined based on meeting requirements and being a beneficiary of the Generalized System of Preferences (GSP) program. Only sub-Saharan African countries are eligible for Agoa, and eligibility does not automatically come with GSP status.
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Compiled by Betha Madhomu
