It is with great pleasure that the East Africa Trade and Investment Hub (the Hub) welcomes President Barack Obama's extension of the African Growth and Opportunity Act (AGOA) for 10 more years. President Obama signed two trade bills, the Trade Preferences Extension Act includes AGOA, into law on June 29, 2015.
One of the Hub's primary objectives is to promote intra-regional and export trade, particularly through AGOA. Re-authorizing AGOA continues America's commitment to increasing trade with Africa, which will drive further investments in export industries, which, in turn, will drive job creation and economic growth.
Speaking at the signing, President Obama remarked,
[The African Growth and Opportunity Act] helps open up markets in Africa to American businesses while making it easier for African businesses to sell their products in America.
The African Growth and Opportunity Act (AGOA) has been the cornerstone of our trade relationship with Africa for 15 years. Its improvement and renewal for a 10 year period, the longest ever in the program’s history, will incentivize good governance and pro-growth, pro-development policies, including on labor and human rights, while providing much-needed certainty for African producers, U.S. buyers, and investors.