President Cyril Ramaphosa has underlined the significance of strengthening trade relations between the United States and African countries during his address at the African Growth and Opportunity Act (AGOA) Forum. Delegates from various nations convened at this event to deliberate on AGOA, a trade agreement that extends preferential access to the US market, allowing eligible African countries to export duty-free products.
Ramaphosa acknowledged the positive impact AGOA has had on several nations. Still, he stressed that more must be done to enhance trade relationships and cooperation between the US and Africa. The President emphasized that the AGOA Forum should focus on implementing reforms that cater not only to large corporations but also to small and medium enterprises (SMEs).
He urged for the early reauthorization of AGOA’s renewal, with a specific emphasis on improving the legislation to help AGOA achieve its goals and unlock its full potential. Ramaphosa’s call for fostering these trade relations reflects the importance of leveraging AGOA to benefit all stakeholders, from multinational corporations to smaller businesses, and to promote economic growth and development in African countries.