AGOA, established in 2000, gives eligible African countries exemption from taxes on their exports to the US.
JOHANNESBURG - 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 .
However, there were some concerns that the arrangement needed to be updated to address the challenges faced by African economies.READ: AGOA: More needs to be done to enhance US-Africa trade relations – Ramaphosa While Patel said a few technical aspects needed to be rehashed, he didn't believe the arrangement needed a complete overhaul.“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 has been pivotal in strengthening economic ties and promoting growth and development across the African continent. pic.twitter.com/OSvXSWPYfk
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