Home Business US announces ‘Trade Bill’ to compete with BRICS’s growing presence in Sub-Saharan Africa
BusinessFinanceNewsPoliticsWorld

US announces ‘Trade Bill’ to compete with BRICS’s growing presence in Sub-Saharan Africa

177
US announces 'Trade Bill' to compete with BRICS's growing presence in Sub-Saharan Africa

The United States has introduced a trade bill to compete with the BRICS alliance in Sub-Saharan Africa.

The Bill, African Growth and Opportunity Act (AGOA) Renewal and Improvement Act of 2024 (AGOA), as announced on Thursday by U.S. Senators, Jim Risch (R-Idaho), a ranking member of the Senate Foreign Relations Committee, and Chris Coons (D-Del.) is summarily expected to “renew and strengthen a key trade program with sub-Saharan African countries.”

AGOA plays a significant role in U.S.-sub-Saharan Africa trade and investment, as well as in U.S. foreign policy. This bipartisan bill aims to refine AGOA’s eligibility criteria, increase transparency, and hold U.S. agencies accountable for their advice to the president,” Risch said.

As projected to extend to 2041, Coons re-echoed the US stance stating that “The AGOA Renewal and Improvement Act is necessary to support continued economic development on the continent while further strengthening ties between the United States and partners in sub-Saharan Africa.”

However, the bill comes after a report titled Macroeconomic Performance and Outlook (MEO) from the African Development Bank (AfDB) in mid-February, as it established the top 10 list of fastest-growing economies in Africa.

The report noted that over 50% of the top 20 countries on this list would come from Africa. Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” the report stated.

Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%,” it added.

Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Dr Akinwumi Adesina, President of the Bank Group, said, emphasising the need for expanded financing and various policy interventions to enhance Africa’s growth trajectory.

Meanwhile, in a growing concern for the BRICS alliance gaining global dominance in trade, commerce, and investment in Africa, the US legislation has maintained to utilise the AGOA program to put heads with the BRICS in the region.

Read: Africa’s Top-Selling Artists: A Look at the Continent’s Music Icons

About The Author

Related Articles

Femi Otedola
FinanceNews

Femi Otedola Increases Stake By N18.9bn, Becomes First Bank’s Largest Shareholder

Nigerian billionaire Femi Otedola has emerged as the largest shareholder of FBN...

FinanceNews

German Govt. Agency Transfers Bitcoin Worth Over $400 Million, Sends Some To Crypto Exchanges – Arkham 

A German government agency has transferred a significant amount of Bitcoin, valued...

FinanceNews

Swiss Central Bank Cuts Interest Rates For Second Time This Year 

The Swiss National Bank (SNB) has cut its key interest rate for...

Juneteenth Celebration
NewsWorld

Several People Shot At Juneteenth Celebration In Oakland, California

A Juneteenth celebration in Oakland, California, turned violent when several people were...