A bipartisan bill would extend a trade program that gives businesses in eligible sub-Saharan African countries duty-free access to the U.S. market.
The African Growth and Opportunity Act has been in place since 2000 but is due to expire next year. The AGOA Renewal Act would extend that authorization until 2041.
“This long-term extension would offer businesses the certainty they need to increase investment in sub-Saharan Africa at a time when many firms are looking to diversify supply chains away from China,” according to a press release from Sens. Todd Young, R-Ind., and Chris Coons, D-Del.
They introduced the bill along with Sens. James Risch, R-Idaho, Michael Bennet, D-Colo., Dick Durbin, D-Ill., Mike Rounds, R-S.D., and Chris Van Hollen, D-Md.
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“AGOA plays a significant role in U.S.-sub-Saharan Africa trade and investment, as well as in U.S. foreign policy,” Risch said. “This bipartisan bill aims to refine AGOA’s eligibility criteria, increase transparency, and hold U.S. agencies accountable for their advice to the president.”
AGOA provides eligible sub-Saharan African countries with duty-free access to the U.S. market for over 1,800 products, in addition to the more than 5,000 products that are eligible for duty-free access under the Generalized System of Preferences program.
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