Mozambique’s Ministry of Industry and Commerce has launched AGOA Utilisation Strategy, aiming to increase trade and economic growth throughout Africa
The strategy is set to ensure Mozambican businesses are better positioned to use AGOA for duty-free access to the US market for more than 6,500 products.
Although AGOA was enacted in the year 2000, only US$1mn of the US$100mn of Mozambican exports into the US takes advantage of AGOA’s duty-free access. For this reason, the US government, through the USAID Speed+ project, helped Mozambique develop its AGOA Utilisation Strategy.
The USAID Southern Africa Trade and Investment Hub continues to engage with Mozambican companies to promote increased bilateral trade and investment.
AGOA is the US’ cornerstone trade initiative with Sub-Saharan Africa and a strong symbol of the US partnership with the region. The 10-year extension of AGOA to 2025 offers the private sector an opportunity to develop and implement a more long term trading relationship with the US government.
In his remarks at the AGOA Utilisation Strategy launch, the US ambassador to Mozambique, Dean Pittman, noted, “Trade incentives to access the American market will lead to increased investments in Africa, creating more jobs and economic opportunities for all.”
Mozambique’s AGOA Utilisation Strategy will prioritise key sectors and products for potential trade expansion to the US including textiles and apparel manufacturing, speciality foods and agro-processing and precious metals.
Source: African Review