Mozambique: Central bank trying to raise foreign currency supply to aid business
US announces strategy to encourage Mozambican exports
1:00 CAT | 15 May 2018
Photo courtesy: US Embassy in Mozambique
The United States will support government efforts to take advantage of the African Growth and Opportunity Act (AGOA), a trade pact that allows easy access to the US market, the US ambassador in Maputo announced today.
“Trade incentives to access the American market will lead to increased investments in Africa, creating more jobs and economic opportunities for all.,” Ambassador Dean Pittman said at the AGOA Utilisation Strategy launch event in Maputo.
Although the trade pact has existed for 18 years, “only $1 million of the $100 million of Mozambican exports into the United States take advantage of AGOA’s duty free access”, the US embassy said in a statement.
The situation has led to the development of a strategy for Mozambique that will prioritise the export of textiles, clothing, precious metals and food and agricultural specialities, such as cashews, pigeon peas, cassava, shelled almonds, kidney beans, macadamia nut and sugar cane molasses.
According to the US embassy, AGOA ” is the United States’ cornerstone trade initiative with sub-Saharan Africa and a strong symbol of U.S. partnership with the region.”
“The ten-year extension of AGOA to 2025 offers the private sector an opportunity to develop and implement a more long term trading relationship with the United States,” the statement concludes.
Source: Lusa
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