The Trade Preferences Extension Act of 2015: Law text by including provision for an extension of ten years (until September 2025) of the African Growth and Opportunity Act (AGOA), was endorsed Barack Obama.
The US president has indeed put his signature on this legislation at a ceremony held at the White House yesterday, Monday 1 July 2015 to 18 h, Ivory Coast Time.
Speaking to an audience of senior officials of the US administration, including the United States Trade Representative Michael Froman and influential members of Congress who played a leading role in the introduction and adoption of the text concerning renewal of AGOA for a period of ten years, President Obama has immediately welcomed the fact that it is « a truly bipartisan bill signing. »
Speaking specifically of Trade Preferences Extension Act, which also makes provision for assistance to US workers affected by trade treaties, he stressed that AGOA had a « strong bipartisan support » for several years and that this legislation has opened markets in Africa for American companies while facilitating the task of African companies wishing to sell their products in the United States.
The US president stressed that it was not easy to approve legislation by Congress. « I would not be signing bills thesis if I Was not absolutely Convinced That thesis pieces of legislation are Ultimately good for American workers. I would not be signing em if I Was Not convinced They’d be good for American businesses. I would not be signing em if I did not Know That They Will give us a competitive edge in this new economy, new economy and That That can not be reversed. We-have to embrace it, « he added.
In settings of the US administration, it welcomes the adoption of the text on the extension of AGOA to 2025. « For 15 years, the African Growth and Opportunity Act HAS Provided tangible economic benefits and Opportunities to sub-Saharan Africa by helping African companies Improve Their compétitivité and in building a strong private sector, « it remarks.
The legislation, says one, makes provision for incentives so that recipient countries can adopt policies of good governance for growth, the protection of human rights and the rights of workers. The legislation gives the US government the right to remove, suspend or limit the benefits if a sub-Saharan African countries does not meet the eligibility criteria.
Recall that Agoa, as US law on growth and opportunities in Africa, which was passed in 2000, allows eligible beneficiary countries and to export about 6,400 products without customs duties and without quotas.
With the adoption of the Trade Preferences Extension Act, an in-depth reflection should be launched on the ways and means to enable Côte d’Ivoire to get the maximum benefits. The talks must be restarted at the AGOA-CI Commission and its bodies to adopt the National Strategy for the US market.