The United States Trade Representative, Mr. Michael Froman, has said American companies should share the benefits of trade with sub-Saharan Africa as the US examines extending duty-free access for imports from many nations on the continent, according to a Bloomberg report.
The US African Growth and Opportunity Act, approved by the US Congress in 2000 and extended in 2004,is meant to boost economies on the world’s poorest continent, the law eliminates import levies on products ranging from textiles to manufactured items for about 40 sub-Saharan African nations that meet criteria including good governance and poverty reduction. AGOA may be renewed before it expires in 2015.
Oil remained the largest portion with a total of 86% AGOA imports. Under AGOA, the top exporters were Nigeria and Angola, the largest oil producers in Africa, the continent’s biggest economy, South Africa, as well as Chad and Gabon, according to the statement.