JOHANNESBURG - African Union Trade Commissioner Albert Muchanga says the African Growth and Opportunity Act poses no threat to the African Continental Free Trade Area .
He has also moved to quash fears that the advent of the AfCFTA would result in the United States not renewing AGOA when it expires in 2025. Muchanga, who was speaking at the first day of the AGOA Forum, told delegates the combination of the two trade pacts would yield far greater benefits for the region.AGOA, which was launched in 2000, gives duty-free and quota-free access to the lucrative US market for exports from more than 30 qualified African countries.This is already a bone of contention for some US businesses, who believe the US legislation left them at a slight disadvantage.
The more recent AfCFTA, which was established in 2018, gives US companies access to more than a billion people and a market valued at trillions of dollars.“They have been complaining to us that they cannot increase their investments across Africa because of the small, and fragmented markets. “Through the continental free trade area, we have defragmented our economies, so we have their call for a large market space,” he said on Thursday.
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