AGOA: Origins, purpose and achievements
- Benefits to non-textile industries.
- Benefits to textile industries.
- AGOA: Implementation subcommittee of the Trade Policy Staff Committee (TPSC).
- AGOA's Impact on textile and apparel industry.
- 2007 AGOA report to Congress.
President George Bush shared his empathy in the incidents of violence and economic crisis that beset African countries. The humanitarian and human rights crises in different parts of Africa are severely sabotaging its economy. It is to the United States' view that a way to spread peace is to encourage political and economic reform across Africa by opening markets in the United States (U.S. Office of the Press Secretary). To this view in mind, the United States Congress has enacted a law which has fostered a trade agreement between the United States and the African Union: The African Growth and Opportunity Act.
[...] Trade and investment from around the world is essential to world peace. The United States and the nations of the sub- Saharan Africa are working together to break down trade barriers around the world not just between ourselves, but around the world (United States House of Representatives). AGOA's Impact on Textile and Apparel Industry It was reported that AGOA comes at a time when the beleaguered textile industry was on its knees (Farazmand & Pinkowski). Some authors mentioned that the retail industry is suffering under light recession and there has been a change in consumer spending (Farazmand & Pinkowski). [...]
[...] Trade to Congress notes that the bilateral trade between the United States and the sub-Saharan African countries has increased 17 percent in 2006 over 2005, reaching almost $ 71.3 billion, with both U.S. exports to and U.S. imports from the region growing (AGOA.gov). The Bush administration is proud of its efforts to bring sub-Saharan Africa more fully into the community of trading nations since the administration believes that trade is the best tool that they have to alleviate poverty and spur economic development, and AGOA is a key element in America's effort (AGOA.gov). [...]
[...] Achievements Immense benefits are being derived from the enactment of AGOA. It was reported that since its implementation, AGOA has encouraged substantial new investments, trade, and job creation in Africa (AGOA. gov). It has helped to promote Sub-Saharan Africa's integration into the multilateral trading system and a more active role in global trade negotiations (AGOA. gov). It has also contributed to economic and commercial reforms which make African countries more attractive commercial partners for U.S. companies (AGOA. gov). Moreover, it was reported that: In the wake of AGOA, two-way trade between the United States and Africa increased 37 percent from 2003 to 2004, to $ 44.4 billion. [...]