USTR Issues Fourth Annual Report on AGOA
The Office of the U.S. Trade Representative (USTR) has submitted to Congress the Administration's fourth of eight annual reports entitled " 2004 Comprehensive Report on U.S. Trade and Investment Policy Toward Sub-Saharan Africa and Implementation of the African Growth and Opportunity Act (AGOA)." Highlights of the 2004 report include:
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AGOA continues to bolster U.S.-sub-Saharan Africa trade and investment. The USTR's report states that total trade between the U.S. and sub-Saharan Africa was just under $33 billion in 2003, with U.S. exports of almost $7 billion and U.S. imports of $25.6 billion. U.S. imports under AGOA were valued at just over $14 billion in 2003, a 55% increase from 2002. In addition, the U.S. direct investment position in sub-Saharan Africa increased 12% at year-end 2002, to $8.9 billion.
U.S.-SACU FTA negotiations targeted for December 2004 completion. The report states that negotiations began in June 2003 on a free trade agreement (FTA) between the U.S. and the five members of the Southern African Customs Union (SACU, whose members include Botswana, Lesotho, Namibia, South Africa, and Swaziland). The USTR states that the target completion date for the U.S.-SACU FTA is December 2004.
37 of 48 Sub-Saharan countries eligible for AGOA. According to the USTR, 37 of the 48 sub-Saharan African countries are now eligible for AGOA. In addition, as of April 2004, 24 countries were eligible to receive AGOA textile and apparel benefits and eight countries have qualified for AGOA's special handloomed and handmade provisions.
U.S. devoted $133 million to trade capacity building activities in FY 2003. The USTR states that the U.S. devoted $133 million to trade capacity building activities in sub-Saharan Africa in FY 2003, an increase of 26% from FY 2002.
AGOA III Bill under consideration. The USTR's report notes that legislation was introduced in Congress that would extend AGOA's authorization and enhance many of its provisions. According to Congressional sources, H.R. 4103 (AGOA III), which would extend and modify AGOA trade benefits, was passed by the House of Representatives on June 14, 2004. (See ITT's Online Archives or 05/13/04 news, 04051325, for final installment of BP summary of H.R. 4103, with links to earlier installments.)
(See ITT's Online Archives or 12/08/03 news, 03120835, for BP summary of the third annual AGOA report.)
USTR Report (dated May 2004) available at http://www.ustr.gov/regions/africa/2004-05-agoa.pdf