AU Symposium on Expanding US – Africa Trade

Washington, DC

December 21, 2011

 

The African Union Diplomatic Mission in Washington, DC held a Diaspora Trade Symposium at the World Bank  on December 21, 2011 that discussed economic trends and investment opportunities in Africa, and engagement of the African Diaspora for business development on the Continent.

 

The Symposium, sponsored by the World Bank African Diaspora Program, brought together African government representatives, US policy decision makers,  officials of the World Bank and the Economic Commission for Africa, as well as African and US business leaders.  Participants stressed the critical need for US lawmakers to enhance and extend the soon to expired African Growth and Opportunity Act (AGOA), a trade legislation that provides preferences, including quota and duty free entry into the United States, for certain goods exported from Africa.

 

Participants at the symposium also called on African governments to build an enabling environment for trade, with a focus on improving infrastructure across the Continent and investments in skills training to help African entrepreneurs take advantage of business opportunities created by AGOA.

 

There was a general consensus at the Symposium that African economies would benefit immensely from the harmonization of business laws and tariffs and the establishment of broad Free Trade Zones that widen markets and knock down trade barriers on the Continent.   The Symposium also signed off on the creation of a new organization, APEX, that will bring together trade groups and chambers of commerce in Africa and the African Diaspora  to promote and foster investments in Africa.

 

Speaking at the Symposium, the African Union Permanent Representative to the US, Ambassador Amina Ali, said African economies have performed relatively well over the last decade, posting. on average, the highest rates of growth in the world.  She noted, however, that increased trade between Africa and the rest of the world was critical to ensuring long term and sustained growth on the Continent.

 

Please watch video below for more on the Symposium.