CEO of the National Association of Automobile Manufacturers of SA (Naamsa), Mike Mabasa says he hopes that the African Growth and Opportunity Act (AGOA) can be extended to at least 20 years because African countries are benefitting.
AGOA is due to expire in September 2025, but discussions are currently under way over what would be its third re-authorization.
President Cyril Ramaphosa said on Friday, AGOA which gives several African nations duty-free access to American markets should be extended to a sufficiently lengthy period.
The country hosted the three-day meeting of the AGOA trade forum in Johannesburg this weekend.
Mabasa says more African countries should also benefit from the agreement.
“We’ve made our case as Africa that this agreement should be extended and we also want it to be expanded because it’s not just about benefiting those who have been beneficiaries for the last 20 years, but certainly there are smaller economies in the continent that are not accommodated by the current agreement. We are looking for 20 years because at least it will give some certainty, but also investment decisions will be getting longevity to make solid business decisions. We want countries like the US to help us create jobs for our young people. We are certainly hungry as a country as a continent,” says Mabasa.
Vide0: Naamsa hopes to see more African countries involved in AGOA trade benefits
