Perhaps the first striking trade-related development between the United States of America (USA) and Africa since the conclusion of the U.S-Africa summit in August last year is the recent agreement between the former and five East African countries to ease trade flows and create the foundation and precedent for more investments from the world’s largest economy. Although, this understanding was reached with East Africa, there are indications that it could be extended to the rest of Africa. Read more. Source | Ventures Africa
The U.S. completed a deal that commits the five East African countries to reducing trade barriers in a plan that also provides them with technical assistance to export mostly African agricultural products to American consumers.Private-sector analysts said they view the US-EAC Trade Ministerial on Cooperation Agreement as a major step toward a full free-trade agreement on a continent where the U.S. has no such accords.
The countries in the East African Community trading bloc—Burundi, Kenya, Rwanda, Tanzania and Uganda—have been strategic partners with the U.S. in a bilateral trade initiative since 2013. Read more. Source | Wall Street Journal