U.S. Trade and Investment Policy Toward Sub-Saharan Africa

Statement by the Deputy Press Secretary on African Growth and Opportunity Act
2005 Comprehensive Report on U.S. Trade and Investment Policy Toward Sub-Saharan Africa and Implementation of the African Growth and Opportunity Act

Today, the President submitted to Congress the 2005 Comprehensive Report on U.S. Trade and Investment Policy for Sub-Saharan Africa and Implementation of the African Growth and Opportunity Act. The African Growth and Opportunity Act (AGOA), Title I of the Trade and Development Act of 2000, states that the President shall submit such reports annually through 2008. The report is on the progress of AGOA implementation and general trade and investment developments between the United States and Africa.

Highlights from the 2005 report:

AGOA has been a measurable success, increasing our two-way trade with sub-Saharan Africa and diversifying the range of products being traded. In 2004, U.S. exports to sub-Saharan Africa increased 25 percent from 2003, to $8.6 billion. AGOA imports were $26.6 billion in 2004, an increase of 88 percent over 2003. Non-oil AGOA imports totaled $3.5 billion, an increase of 22 percent from 2003.

In July 2004, President Bush signed into law the AGOA Acceleration Act of 2004. This legislation extends AGOA's authorization until 2015, including its special third-country fabric provision until 2007, mandates increased AGOA-related technical assistance, and amends some technical provisions of the Act.

The United States devoted $181 million to trade capacity- building activities in sub-Saharan Africa in FY04, up 36 percent from FY03.

Thirty-seven of the 48 sub-Saharan African countries are eligible for AGOA. In December 2004, Burkina Faso was added to the list of eligible countries, and C te d'Ivoire was removed from the list. Three countries -- Benin, Nigeria, and Sierra Leone -- became eligible for AGOA's apparel benefits in 2004. As of April 2005, 24 sub-Saharan African countries are eligible to receive AGOA's apparel benefits.

The fourth U.S.-Sub-Saharan Africa Trade and Economic Cooperation Forum will be held in Dakar, Senegal, in July 2005. Senior Administration officials from the United States are expected to join government ministers from the 37 AGOA-eligible countries at this event. Hundreds of U.S. and African businesses and organizations will participate in the private sector and civil society dialogues to be held at the AGOA Forum.

# # # For Immediate Release Office of the Press Secretary May 19, 2005

RELATED:

• African Growth and Opportunity Act - Message to the Congress of the United States