SA calls for longer extension of AGOA
CNBC Africa’s Godfrey Mutizwa caught up with Khumbudzo Ntshavheni, Minister in the Presidency of South Africa on the side-lines of the 2023 AGOA Forum in Johannesburg.
Mon, 06 Nov 2023 11:26:55 GMT
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AI Generated Summary
- South Africa calls for a swift decision on a long extension of AGOA to provide stability for investors and shift towards exporting finished goods.
- The country emphasizes the importance of enhancing the range of products eligible under AGOA to boost trade opportunities.
- Despite past tensions, South Africa maintains a strong trade relationship with the US, with over 600 American companies investing in the country.
South Africa is advocating for a longer extension of the African Growth and Opportunity Act (AGOA) following positive signals from the United States administration. Minister Khumbudzo Ntshavheni, Minister in the Presidency of South Africa, expressed satisfaction with the progress made at the 20th AGOA Forum in Johannesburg. The forum included business engagements, commitments from various sectors, and discussions on extending AGOA. President Biden's indication of keen interest in extending AGOA has shifted the focus to the duration and timing of the extension. South Africa is calling for a swift decision on a long-term extension to provide stability and certainty for investors. The country aims to move away from being mere exporters of raw materials to exporting finished goods and products. Enhancing the range of products eligible under AGOA is a key priority for South Africa. The Minister highlighted the importance of maintaining a solid trade relationship with the US and emphasized that the recent tensions have not deterred American investment in the country. With over 600 US companies operating in South Africa, discussions with US officials have been constructive, dispelling notions of strained relations. The resolution of past issues, such as the Lady R scandal, has further strengthened the partnership between the two countries.
