U.S. Senator Jim Risch - ranking member of the Senate Foreign Relations Committee | Official U.S. Senate headshot
U.S. Senator Jim Risch - ranking member of the Senate Foreign Relations Committee | Official U.S. Senate headshot
WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Chris Coons (D-Del.) have presented the African Growth and Opportunity Act (AGOA) Renewal and Improvement Act of 2024, designed to extend and enhance a crucial trade program with sub-Saharan African countries. AGOA, initially enacted in 2000, is set to expire next year.
"AGOA plays a significant role in U.S.-sub-Saharan Africa trade and investment, as well as in U.S. foreign policy," stated Senator Risch. He highlighted the bipartisan nature of the bill, aiming to refine AGOA's eligibility criteria, enhance transparency, and ensure accountability of U.S. agencies advising the president.
Senator Coons emphasized the positive impact of AGOA over the past two decades, stating, “Over the past 24 years, AGOA has created jobs and economic growth in one of the fastest-growing regions of the world and created investment opportunities for American businesses.”
The proposed AGOA Renewal and Improvement Act seeks to extend AGOA until 2041, providing long-term certainty for businesses looking to boost investments in sub-Saharan Africa. This extension aligns with the 16-year sunset provision in the U.S.-Mexico Canada Agreement, offering stability for firms diversifying their supply chains away from China.
The legislation aims to not only prolong AGOA but also enhance the program to foster sustainable development, regional integration, and stronger U.S. relations with sub-Saharan African countries. Some key changes include streamlining the eligibility review process, integrating AGOA with the African Continental Free Trade Agreement, and incentivizing beneficiaries to increase exports under the program through a "utilization strategy."
The AGOA Renewal and Improvement Act is positioned to support ongoing economic growth in sub-Saharan Africa, capitalize on the region's young population and growing economies, and strengthen commercial ties between the United States and African partners.
(Text of the bill is available [here](#), and a summary can be accessed [here](#).)
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