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By Paul Richardson
South Africa requested the US authorities to contemplate an early extension of the African Development and Alternative Act to assist stimulate funding throughout the continent, Commerce, Trade and Competitors Minister Ebrahim Patel mentioned.
The request was made throughout a go to by South African officers to the US earlier this month to debate the commerce pact and finalize preparations for an AGOA discussion board that’s scheduled to be hosted in SA this yr. An early renewal of AGOA in its present type could be preferable to a revised settlement which will take time to conclude, Patel mentioned in an interview with the Johannesburg-based Enterprise Day newspaper.
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“If we prolong AGOA largely in its present type, we are able to incrementally enhance the phrases over the following few years,” the paper cited Patel as saying. “Many African international locations are eager on an early extension as a result of it provides buyers certainty to commit further funding on the continent.”
The plea comes after a number of US lawmakers referred to as on President Joe Biden’s administration to rethink whether or not South Africa ought to proceed to profit from AGOA. Moreover being angered over South Africa’s international coverage stance — the nation has maintained what it phrases a non-aligned place towards Russia’s invasion of Ukraine — some legislators argue that Africa’s most-industrialized nation is simply too developed to take part in this system.
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AGOA expires in 2025 and US officers have beforehand mentioned the qualifying standards for beneficiaries could possibly be revised or this system changed.
South Africa ships automobiles and agricultural produce to the US beneath the accord. Final yr, it exported $2.7 billion of products utilizing AGOA and the so-called Generalized System of Preferences. (Bloomberg)
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