African Growth and Opportunity Act (AGOA)
The United States and Togo co-hosted the African Growth and Opportunity Act (AGOA) Forum in Lomé, Togo August 8-10. The Forum brought together senior government officials from the United States and 38 Sub-Saharan African AGOA-eligible countries to discuss ways to boost economic cooperation and trade between the United States and Africa. The African Union and regional economic communities will also participate.
Enacted in May 2000, the African Growth and Opportunity Act (AGOA) is the cornerstone of U.S. economic engagement with the countries of sub-Saharan Africa. AGOA is a long-term commitment with broad bipartisan support in the United States.
On June 25, 2015, the U.S. Congress overwhelmingly approved legislation to re-authorize AGOA for an additional ten years. This is a strong signal that investors can and should invest with confidence in Africa.
Total African exports under AGOA more than quadrupled since the program’s inception. As of June 2015, AGOA eligible countries have exported nearly $480 billion worth of goods to the United States under AGOA and the U.S. Generalized System of Preferences.
By providing duty-free access to the U.S. market, AGOA has succeeded in helping eligible nations grow, diversify their exports to the United States, and create employment and inclusive economic growth. Under AGOA, eligible countries can export products, including value-added manufactured items such as textiles, to the United States duty-free.