US hails ‘record’ year for trade with Africa

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US hails ‘record’ year for trade with Africa

3:52 CAT | 13 Dec 2023

File photo: AFP

The United States has struck hundreds of deals worth $14.2 billion with African nations over the past year, government officials said on Wednesday, as Washington seeks to counter China’s growing influence on the continent.

The 547 new trade and investment agreements represent a 67 percent increase on 2022 in the number and value of closed deals, said British Robinson, coordinator for the US administration’s Prosper Africa trade and business initiative.

“We have had a record-setting year for US-African relations,” added Judd Devermont, President Joe Biden’s top Africa advisor.

Devermont and Robinson were speaking at a virtual media briefing marking the first anniversary of a summit with African leaders, where Biden pledged to go “all in” on the continent.

The announcement comes as Washington seeks to deepen engagement with Africa, where China has enjoyed rising clout.

Beijing is making major inroads with infrastructure, investment, loans and other drives to enhance its presence.

Devermont said the US has already delivered more than 40 percent of a commitment made last December to invest $55 billion in Africa over three years.

“By the end of year two, we anticipate surpassing 70% of our goal, if not more,” he said.

Source: AFP