Washington to hold Vth AGOA Forum

15 May '06

2 min read

The fifth African Growth and Opportunity Act (AGOA) Forum will be held in Washington during June 6-7, 2006, accourding to an announcement by Assistant Secretary of State for African Affairs, Jendayi Frazer.

This forum will spotlight on the private sector and serve appropriate African nations build up real growth in gross domestic product through trade opening out into US markets, she said.

Frazer told reporters in the meeting that more than 35 African trade and finance ministers will grace the AGOA debate, along with hundreds of participants of the private sector and civil society.

She added that US Secretary of State, Condoleezza Rice will open the forum speaking about: The Private Sector and Trade: Powering Africa's Growth.

AGOA make available duty and entry-free access to over 6,400 items together with textile products into the US market for African nations who are enthusiastic at changing their economies along free-market lines.

This landmark trade legislation, the foremost of its kind with Africa, initially was approved by the Congress in 2000 and since then, has been modernized and improved by President Bush.

Frazer said, "AGOA persist to be a key element of a broader plan for growth and development in Africa."

Emotive on the reality that a bulk of US imports from Africa are still in the power sector, but there has been a remarkable boost in a broad range of product categories not just petroleum.

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