Cape Town ? The United States is working with West African countries to reach a trade and investment agreement that supports efforts at economic growth and integration as American companies increasingly look toward Africa for business opportunities.
U.S. Trade Representative Demetrios Marantis told AllAfrica that discussions on the Trade and Investment Framework Agreement (TIFA) with the Economic Community of West African States (Ecowas) took place last week during a visit to Washington of four African leaders, including three from West Africa.
President Ernest Bai Koroma of Sierra Leone, President Macky Sall of Senegal, Prime Minister Jos? Maria Pereira Neves of Cape Verde and President Joyce Banda of Malawi also met with President Barack Obama.
The United States already has similar trade agreements with the Common Market for Eastern and Southern Africa (Comesa), the East African Community (EAC), the West African Economic and Monetary Union (WAEMU/UEMOA) and the Southern African Customs Union (SACU).
Trade and investment are a key part of the president?s strategy toward sub-Saharan Africa. The region presents promising opportunities for the American private sector, U.S. officials say. Six of the world?s 10 fastest growing economies are in sub-Saharan Africa, and U.S. total merchandise exports to the region tripled between 2001 and 2011, according to the World Bank.
Marantis called last week?s trade talks ?very robust? and highlighted TIFA discussions as well as talks about how the four nations could take better advantage of the opportunities offered under the African Growth and Opportunity Act (Agoa). The act, signed into law in 2000, offers tangible incentives for African countries to continue their efforts to open their economies and build free markets.
He said the geographical proximity of some countries, such as Senegal and other West African coastal nations, should make it easier to build the trade relationship with the United States.
?Through bilateral and regional work through TIFA, I think the mutual goal will be how to grow and take advantage of the positive geography to help grow the trade relationship with these countries,? Marantis said.
Source: http://allafrica.com/stories/201304051242.html
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