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Business Insider
2 days ago
- Business
- Business Insider
Future of U.S.-Africa trade under review as AGOA takes spotlight at Angola summit
The U.S.-Africa business summit, organized by the Corporate Council on Africa (CCA), brings together African heads of state, senior U.S. government representatives, business executives, and development partners. This year's summit comes at a significant moment, as African nations seek to revive their trade relations with the United States following years of uncertainty. Key on the agenda are the future of the African Growth and Opportunity Act (AGOA), which is due to expire in 2025, and the push for increased U.S. investment across critical sectors such as energy, infrastructure, and finance. Several African leaders are using the platform to press for more equitable trade terms and long-term commitments from Washington. Angola, which currently chairs the African Union, is leveraging the summit to spotlight its ongoing economic reforms and infrastructure ambitions. In particular, the country is promoting projects like the Lobito Corridor, a strategic rail and logistics route linking Angola to the Democratic Republic of Congo and Zambia as a model for regional integration and cross-border trade development. The corridor is also part of broader efforts to position Angola as a key logistics and investment hub in Southern Africa. The summit builds on recent high-level engagements between both parties. In December 2024, President Joe Biden visited Angola, becoming the first sitting U.S. President to do so. During that visit, discussions centered around strengthening bilateral relations and boosting U.S. involvement in infrastructure and energy projects. Angola also recently signed a Trade and Investment Framework Agreement (TIFA) with the United States, further reinforcing its commitment to deepening economic ties. The Luanda summit comes as Angola celebrates 50 years of independence, a milestone that adds symbolic weight to its efforts to lead economic diplomacy across the continent. While official outcomes from the summit are yet to be fully announced, delegates are hopeful that the event will foster new partnerships, agreements, and investment opportunities. Summit supports Africa's call for long-term trade with the U.S. Beyond bilateral ties, the summit underscores a wider competition for influence on the continent. As China, Russia, and the European Union continue to increase their trade and infrastructure investments across Africa, pressure is mounting on the United States to show stronger and more consistent engagement. For many African leaders, the U.S. must move beyond symbolic gestures and provide sustained economic support backed by predictable policies. The uncertainty surrounding AGOA's expiration in 2025 has amplified those concerns. While the Trade Act has allowed duty-free access for African exports for over two decades, its renewal remains undecided. Several leaders have used the Luanda Trade Act to call for a clearer and more permanent U.S.–Africa trade strategy. Without it, many fear African nations could increasingly turn to alternative partners offering more immediate and less conditional support. For Washington, the message from Luanda is clear: the continent is open for business, but the window for leadership is narrowing.
Fibre2Fashion
10-06-2025
- Business
- Fibre2Fashion
Ghana, US discuss AGOA renewal, tariffs, trade balance
Ghana's Trade, Agri-business and Industry Minister Elizabeth Ofosu-Adjare recently met senior US officials in Washington, DC, to address critical trade policy issues affecting both sides. They discussed the African Growth and Opportunity Act (AGOA), Ghana's local content policy, US import regulations, outstanding debts to US firms and the revival of the Trade and Investment Framework Agreement (TIFA). Ghana's Trade, Agri-business and Industry Minister Elizabeth Ofosu-Adjare recently met senior US officials in Washington, DC, to address critical trade policy issues. They discussed the AGOA, Ghana's local content policy, US import regulations, outstanding debts to US firms and the revival of the TIFA pact. She is scheduled to meet USTR officials in the next few weeks to continue consultations. The minister stressed the importance of AGOA—set to expire in September 2025—in attracting US investment, particularly, in Ghana's growing garment and textile industry. Enacted in 2000, AGOA offers duty-free access to over 1,800 products from eligible sub-Saharan African countries. The high-level meeting followed protectionist measures announced under the United States' revived 'America First' trade policy. Both sides agreed on the need for constructive engagement to balance Ghana's development goals with the expectations of foreign investors, and highlighted the importance of regulatory clarity and compliance with safety and environmental standards, a domestic news agency reported. The minister is scheduled to meet officials of the office of the US trade representative in the next few weeks to continue consultations. Fibre2Fashion News Desk (DS)
New Straits Times
27-05-2025
- Business
- New Straits Times
Asean calls for deeper US ties amid tariff tensions
KUALA LUMPUR: Asean has emphasised the urgency of diversifying trade beyond traditional markets, including strengthening Asean–United States (US) economic engagement in high-value sectors. In a joint statement following the 46th Asean Summit, the economic bloc said this includes leveraging the Asean–US Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement (E3) initiative to deepen economic ties with the US amid the imposition of unilateral tariffs on Asean members. "We expressed deep concern over the growing geoeconomic uncertainties, including the imposition of unilateral tariff measures, which pose complex and multidimensional challenges to Asean's economic growth, stability and integration. "We emphasised the urgency of diversifying trade beyond traditional markets and deepening economic engagement between the two sides in high-value sectors through the Asean–US TIFA and E3," the statement read. In response to the tariffs, Asean also reaffirmed its collective commitment to predictable, transparent, non-discriminatory, fair, inclusive, sustainable and open regional economic development, with the World Trade Organisation (WTO) at its core. "We're committed to refraining from imposing retaliatory measures in response to unilateral tariff actions, as expressed in the joint statement of the Asean Economic Ministers on the Introduction of Unilateral Tariffs by the United States. "We underscored the importance of enhancing Asean's economic resilience and long-term competitiveness through the upgrade of the Asean Trade in Goods Agreement (ATIGA), the strengthening of our free trade agreements, cooperation in mutual areas of interest, and the effective implementation, utilisation and expansion of the Regional Comprehensive Economic Partnership (RCEP)," it said. Prime Minister Datuk Seri Anwar Ibrahim had said Asean has agreed that any decisions regarding tariffs must be guided by a collective understanding within the regional bloc, particularly in response to the US' imposition of unilateral tariffs on Asean member states.
Borneo Post
20-05-2025
- Business
- Borneo Post
US tariff expected to have limited direct impact on Sarawak's economy, says deputy minister
Mussen speaks during the DUN sitting today. – Photo by Sarawak Public Communications Unit KUCHING (May 20): Sarawak is adapting its economic policies to navigate the challenges posed by the recent introduction of reciprocal tariffs by the US, said Datuk Dr Malcolm Mussen Lamoh. The International Trade Industry and Investment Deputy Minister stated that the new 24 per cent reciprocal tariff on Malaysian imports into the US, set to take effect after a 90-day postponement from April 9 to July 8, 2025, has raised concerns but is expected to have a limited direct impact on Sarawak's economy. 'Sarawak's exports to the US amounted to RM1.2 billion in 2023. These total exports only contributed 0.9 per cent to Sarawak's total exports, with the main product being ferro alloy,' he said in response to a question from Johnical Rayong Ngipa (PDP-Engkelili) during the Sarawak Legislative Assembly (DUN) sitting today. Mussen stated that Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. 'The exports amounted to RM102.6 billion in 2023 which contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which contributed 73.4 per cent to the overall export market. This new tariff is expected to have minimal direct impact on Sarawak,' he said. Mussen emphasised that Sarawak will continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the federal government to address the impact of the reciprocal tariff. Among the measures are strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. Mussen also said that a National Geoeconomic Command Centre (NGCC) has also been established to formulate a comprehensive strategy to mitigate the impact of the US tariff on Malaysia's economy and key sectors. 'Malaysia will continue strategic high-level engagement with the US, and the Ministry of Investment, Trade and Industry (Miti) will utilise the Malaysia-US Trade and Investment Framework Agreement (TIFA) to address these concerns. 'Sarawak will continue to capitalise on its strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said. economic policies lead Malcolm Mussen Lamoh US tarrifs
Borneo Post
20-05-2025
- Business
- Borneo Post
US tariffs expected to have limited direct impact on Sarawak's economy, says deputy minister
Mussen speaks during the DUN sitting today. – Photo by Sarawak Public Communications Unit KUCHING (May 20): Sarawak is adapting its economic policies to navigate the challenges posed by the recent introduction of reciprocal tariffs by the US, said Datuk Dr Malcolm Mussen Lamoh. The International Trade Industry and Investment Deputy Minister stated that the new 24 per cent reciprocal tariff on Malaysian imports into the US, set to take effect after a 90-day postponement from April 9 to July 8, 2025, has raised concerns but is expected to have a limited direct impact on Sarawak's economy. 'Sarawak's exports to the US amounted to RM1.2 billion in 2023. These total exports only contributed 0.9 per cent to Sarawak's total exports, with the main product being ferro alloy,' he said in response to a question from Johnical Rayong Ngipa (PDP-Engkelili) during the Sarawak Legislative Assembly (DUN) sitting today. Mussen stated that Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. 'The exports amounted to RM102.6 billion in 2023 which contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which contributed 73.4 per cent to the overall export market. This new tariff is expected to have minimal direct impact on Sarawak,' he said. Mussen emphasised that Sarawak will continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the federal government to address the impact of the reciprocal tariff. Among the measures are strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. Mussen also said that a National Geoeconomic Command Centre (NGCC) has also been established to formulate a comprehensive strategy to mitigate the impact of the US tariff on Malaysia's economy and key sectors. 'Malaysia will continue strategic high-level engagement with the US, and the Ministry of Investment, Trade and Industry (Miti) will utilise the Malaysia-US Trade and Investment Framework Agreement (TIFA) to address these concerns. 'Sarawak will continue to capitalise on its strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said. economic policies lead Malcolm Mussen Lamoh US tarrifs
