Latest news with #TradeandInvestmentFrameworkAgreement
Business Insider
18 hours 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)
Qatar Tribune
15-05-2025
- Business
- Qatar Tribune
US President's visit to Doha to boost bilateral ties: Experts
QNA Doha US President Donald Trump's visit to Doha will further reinforce Qatar and the United States of America's multifaceted partnership and solid ties. Economic experts and analysts have described the visit as a pivotal moment in the trajectory of Qatar-US relations, calling it a historic event that confirms the strength of the partnership and propels it toward broader horizons across all sectors. Speaking to Qatar News Agency (QNA), the experts and analysts noted that the visit comes at a time when Qatar-US relations are witnessing notable expansion in energy, aviation, infrastructure, security, and defense, as well as emerging areas such as the green economy, digital transformation, and renewable energy. According toNational Planning Council's figures, the trade volume between Qatar and the US reached about QR 20 billion in 2024, with Qatari exports to the US amounting to about QR 5.2 billion, while imports totalled QR 14.8 billion. The experts and analysts said that both countries' economic relationships are underpinned by trade agreements and mutual investments across various sectors, with the pace of commercial relations in both directions accelerating significantly since the signing of the Trade and Investment Framework Agreement (TIFA) in 2004, rendering Doha a trusted trading partner to the US. In this context, economic expert and director of the Center for Community Service and Continuing Education at Qatar University, Dr Rajab Al Esmail, said that the US President's visit to Qatar enhances the strategic partnership and opens new horizons for economic cooperation and joint investments within the framework of the long-standing bilateral relationship. He added that the visit represents a strategic event that underscores the importance of deepening cooperation between the two countries, particularly in economic and investment fields. The United States is among the top foreign investors in Qatar, as American investments play a central role in the country's development, through more than 800 US companies operating in the Qatari market, including more than 120 wholly US-owned firms, according to the latest official data, he added. Al Esmail noted that the US President's visit comes amid rapid growth in Qatar-US relations and that Qatari investments in the US are a key component of bilateral ties, exceeding in recent years tens of billions of dollars across sectors such as technology, energy, real estate, and financial services. He added that the visit would be an opportunity to enhance cooperation in the green economy, digital transformation, and renewable energy, and to explore mutual investment opportunities in infrastructure and major development projects in line with the Qatar National Vision 2030. He highlighted the commitment to broadening economic cooperation through promoting public-private partnerships, facilitating capital flow, and encouraging the exchange of expertise and technology, adding that a number of agreements and memorandums of understanding (MoUs) are expected to be signed, creating new opportunities for investors on both sides. Al Esmail concluded his remarks to QNA by affirming that the US President's visit reflects the depth of strategic relations between Doha and Washington and represents a significant boost to expanding the bilateral economic partnership. For his part, businessman Ali Al Khalaf told QNA that Qatar-US economic ties go back decades, starting with investments in the oil sector and later expanding to gas industries, followed by fields such as technology, energy, aviation, and artificial intelligence. He hoped that the visit would encourage further investments and stimulate the bilateral trade flow, noting that commercial and investment cooperation would undoubtedly flourish, once existing bilateral agreements are revitalized and investors are directed to both countries' promising investment opportunities. In turn, economic analyst Tamer Hassan said that President Trump's visit stems from Doha's pivotal role as an active diplomatic mediator that contributed practically to resolving numerous regional and international conflicts. He stressed that the strong and long-standing US-Qatar friendship has proven very beneficial to both nations at various historical points, thanks to what this friendship has achieved and continues to give to the two friendly peoples in terms of gains and serving their interests, be it the immense benefits reaped from their economic partnership, joint investments, and cooperation in the field of energy, among other, or be it its role in ensuring regional security and stability, or in promoting peace and prosperity globally. Hassan pointed out that Qatar is a major non-NATO ally of the United States, a designation that is the natural result of both countries' strong ties, strategic partnership, and joint remarkable achievements in upholding stability and ensuring mutual security. The last example of which is Qatar's large role in leading evacuation efforts from Afghanistan, in addition to its successful mediation role in several regional and global issues, he added. Hassan predicted that the visit would include the signing of agreements and MoUs in various sectors, including in energy, aviation, and technology, noting the growing cooperation across all areas experienced by both countries' ties, particularly in defense, security, trade, and investment. Moreover, he underscored both Doha and Washington's will to advance their relations to new heights that meet both peoples' aspirations for greater prosperity, security, and peace.
Yahoo
10-03-2025
- Business
- Yahoo
Vietnam to sign U.S. deals as trade, energy officials meet, document shows
HANOI (Reuters) - Vietnam expects to sign pacts with the United States this week after its trade minister meets U.S. trade and energy officials, according to a government document reviewed by Reuters. The step comes after weeks of conciliatory messages Vietnam has sent Washington in an effort to avert tariffs by the Trump administration the Southeast Asian nation may face because of its large trade surplus with the United States. The March 5 document from the trade ministry features the schedule of Trade Minister Nguyen Hong Dien's trip to the United States this week. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. It also listed energy companies and government departments, from customs to tax, asked to send accompanying representatives. Last week the government said on its portal Dien, who is also in charge of energy and industry policy, would travel to the United States on Thursday to meet U.S. Trade Representative Jamieson Greer. But it gave no details of possible deals or topics to be discussed. Officials have publicly indicated Vietnam's intention to buy U.S. liquefied natural gas for its fledgling industry and to possibly revise duties on several imports, from ethanol and LNG to agriculture products. Trading firm PetroVietnam Gas, power generator PetroVietnam Power and power distributor EVN are among the state-controlled gas and energy companies asked to send delegates on Dien's U.S. trip, the ministry document shows. The event is part of regular meetings between U.S. and Vietnamese trade officials under the Trade and Investment Framework Agreement signed in 2007. Dien is set to first meet Greer on Thursday, before working with officials of the U.S. energy department and witnessing the signing of "a number of agreements" the following day, the document showed. Then he will meet officials of the commerce department and industry groups with "interests in Vietnam", it added, but did not say if the meetings were listed according to times in the United States or Vietnam, which could affect the days.
South China Morning Post
14-02-2025
- Business
- South China Morning Post
Indonesia to chase new trade deals as ‘shocking' Trump wields tariff threat
Published: 4:02pm, 14 Feb 2025 Indonesia will seek to diversify its markets as global protectionism intensifies, while also taking steps to defend its local manufacturers, Deputy Trade Minister Dyah Roro Esti Widya Putri has said. 'Trump's statements on tariffs are quite shocking in a lot of ways, but we think Indonesia could maximise its market potential if the US imposes tariffs on Chinese goods,' Roro said in an interview in Jakarta late on Wednesday. 'We are safeguarding our national trade, while expanding exports.' US President Donald Trump 's plans for tariffs against countries ranging from Canada to China have stoked fears globally that all exporting nations may face more barriers to the world's biggest consumer market. On Wednesday, the European Union trade chief spoke to US officials over their trade disputes, and all Canada's premiers were in Washington to lobby against import taxes. The risk of global trade turmoil is making Indonesia take a measured stance, while it continues to seek more trade deals and tighten protection for local manufacturers from cheap imports dumped in its market, said Roro, who at 31 is the youngest official in President Prabowo Subianto 's cabinet. 'We do not want to act too hastily in imposing any kind of import regulation,' she said. 'Once the situation becomes clearer, the government will implement policies that are in Indonesia's best interest.' Southeast Asia's largest economy has long sought deeper trade ties with the US but, unlike some of its neighbours, it does not have a free-trade agreement or Comprehensive Economic Partnership Agreement with Washington. Instead, it relies on mechanisms like the Trade and Investment Framework Agreement to manage trade relations. Indonesia's total exports to China, its top destination, more than doubled from 2019 to 2024, according to its trade ministry, while shipments to the US rose by just 47 per cent over that span. Indonesia's trade with the US totalled US$38.3 billion last year, with Jakarta posting a US$14.3 billion surplus, according to the ministry.
