Ministry to revive AGOA working group
THE Minister of Commerce Industry and Trade Mancoba Khumalo has announced that the Ministry and the United States of America (USA) Embassy have agreed to revive the African Growth and Opportunity Act (AGOA) Working Group.
This was announced by Khumalo through a press statement released on Friday.
The African Growth and Opportunity Act (AGOA) is a trade agreement between the United States and sub-Saharan African countries.
According to Khumalo, this group will play a fundamental role in optimising the benefits of AGOA for the country, whilst addressing all issues that have been highlighted by the US Government as critical to the sustenance of Eswatini’s eligibility in the long term.
By reviving this committee, Khumalo aims to enhance trade relations and create a mutually beneficial trade environment with a clear target of significantly increasing trade between the two countries.
This comes after the Ministry notified members of the public of Eswatini’s retention into AGOA. Khumalo extended their deepest gratitude to the United States Government for their gracious support and assistance throughout this process.
“The retention marks a significant milestone for Eswatini as it opens up a multitude of opportunities for our country’s economic growth and development. AGOA provides Eswatini with preferential access to the United States market, allowing our local industries to expand their exports and create more job opportunities for our citizens,” he said.
He further appreciated the position held by Chris Wall permanently.
Khumalo said this appointment signifies a crucial step towards economic development and will serve as a focal point for Eswatini’s engagement in AGOA and other trade and investment opportunities that have been under exploration.
“As we move forward the Ministry remains committed to strengthening our trade ties with the United States and maximising the potential of AGOA. We are confident that this will pave the way for increased investments, technology transfers, and sustainable economic growth,” he said.
In addition, he extended again, appreciation to the
United States Government for their invaluable support.
“Together, we will continue to foster a fruitful partnership and create a brighter future for the people of Eswatini,” he said.
Speaking at the Eswatini Exporter Awards and Peer learning event at the Happy
Valley Hotel on March 15, 2024
Chargé d’Affaires Caitlin
Piper had highlighted the significance of maintaining
Eswatini’s eligibility for benefits under
AGOA.
“We are very pleased President Biden determined Eswatini will remain eligible for benefits under AGOA during the 2024 calendar year, which maintains the duty-free access to the United States its firms currently enjoy,” she said.
Worth mentioning is that to maintain eligibility, Eswatini and all AGOA countries must demonstrate continual progress in a variety of areas including the elimination of barriers to U.S. trade and investment; economic policies to reduce poverty; a system to combat corruption and bribery; rule of law, political pluralism, and the right to due process; and protection of internationally recognized worker rights and human rights.