Business Unity South Africa (BUSA) says the African Growth Opportunity Act (AGOA) Summit underway in Johannesburg is an important forum to enhance Africa’s economy.
The South African government, in partnership with the United States government, is hosting the event, which holds significance for the future of trade relations between 35 African countries and the United States.
It allows preferential access for Sub-Saharan countries to the US market and has always been time-bound.
BUSA CEO Cas Coovadia says many economic sectors in South Africa are benefitting from it.
“I think South African businesses particularly agriculture mining and others are benefiting from AGOA because we can export our free to the US.”
Coovadia says the expansion of this agreement which expires in 2025, is key in realising the meaningful contribution of the African continent to the global economy.
“We need to ensure that this is extended by another 10 years beyond 2025.”
Economist Miyelani Mkhabela weighs in on economic opportunities for SA and Africa:
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