At the recently concluded US-Africa Business Forum in Washington US President Barrack Obama backed a new African Growth and Opportunity Act (AGOA) term. AGOA provides duty-free market access to the United States for qualifying sub-Saharan African countries by extending preferences on more than 4600 products including textiles.”We still do the vast majority of our trade with just three countries – South Africa, Nigeria and Angola,” Obama said. “It’s still heavily weighted towards the energy sector. We need more Africans, including women and small- and medium-sized businesses, getting their goods to market. All leaders in Congress – Democrats and Republicans – have said they want to move forward,” he added. “So I’m optimistic we can work with Congress to renew and modernize AGOA before it expires, renew it for the long term. We need to get that done.” “For South Africa, if we can leave here with a firm commitment that AGOA will continue and that South Africa will continue to be in it, that will be great for us because that will mean we save US $ 9 billon.”
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