![Africa: The Future of US-Africa Trade and Investment [Executive Summary]](https://i.headtopics.com/images/2023/7/12/allafrica/africa-the-future-of-us-africa-trade-and-investmen-africa-the-future-of-us-africa-trade-and-investmen-1679167406839676950.webp)
Executive Summary by Frannie Léautier of the forthcoming report from ACAfricaCenter examines the future of AGOA and U.S.-Africa trade.
AGOA gives duty-free access to the US market for eligible countries in sub-Saharan Africa, aiming to promote African economic development alongside market liberalization and democratic governance.
Past work by the Atlantic Council suggests that Africa sits at the nexus of current development, climate, and security challenges. With global competition over resources, technology and influence growing, the strategic importance of establishing a new kind of relationship with Africa has become clear to the United States. With an African market of over 1.3 billion people and a combined Gross Domestic Product of over $3.
AGOA's extension should be combined with greater certainty about AGOA eligibility, with fewer short-term eligibility decisions wherever possible. Support to countries and firms in Africa is needed to ensure that the benefits of AGOA in fueling long-term development are achieved. There is a need for stronger capacity building to translate AGOA eligibility into utilization and real export capacity. Investing in re-establishing regional trade hubs could do this, while also supporting regional trade integration and direct links between AGOA and Africa's Regional Economic Communities.
To support greater investment in export-oriented sectors within African countries, the US DFC, Millennium Challenge Corporation, and the Prosper Africa initiative should align their financing and commercial facilitation with these AGOA strategies too.
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