The African Growth and Opportunity Act (AGOA) may have been around since 2000 but its short-term and inconsistent renewal never engendered much investor confidence.
So now that the agreement has been renewed for 10 years—meaning almost all African-made goods from AGOA-eligible countries can come into the U.S. duty free—Africa is eager to trade and companies are eager to understand opportunities there.
Speaking on a panel at last week’s Africa Sourcing and Fashion Week in Ethiopia, Finn Holm-Olsen, director of trade promotion for the East Africa Trade and Investment Hub said he’s seen three trends taking shape since AGOA’s renewal: U.S. buyers are taking a serious look at Africa, U.S. companies are committing to shifting a percentage of their worldwide sourcing to Africa and others are looking to draw investment in their supply chains to Africa. Read more. Source | Sourcing Journal