Trade and energy topped the agenda during US President Barack Obama’s visit to Africa this week, with the announcement of various initiatives aimed at doubling electricity access in the sub-Saharan region, facilitating intra- and inter-regional trade, and combating illegal wildlife trafficking.
The trip, which featured stops in Senegal, South Africa, and Tanzania, aimed to highlight Washington’s growing interest at developing deeper economic ties with the region. Africa is currently home to six of the ten fastest growing economies in the past decade, and US trade with the continent amounts to more than US$7 billion.
“In our global economy, our fortunes are linked like never before,” Obama told a forum of business leaders in Tanzania on Monday. “So more growth and opportunity in Africa can mean more growth and opportunity in the United States.”
AGOA renewal, East Africa trade
In Tanzania, Obama declared his support for the renewal of the African Growth and Opportunity Act (AGOA), a preferential scheme launched in 2000 that is set to expire in 2015. The AGOA programme allows for nearly all goods from eligible African countries to enter the US duty-free. More....