Secretary Antony J. Blinken addressed the AGOA Private Sector Forum at the U.S. Institute for Peace on July 24, 2024. Expressing gratitude to Ambassador Moose and the institute's team, Blinken highlighted the longstanding partnership with the Department of State.
Blinken acknowledged key figures in attendance, including Ambassador Tai, Ambassador Muchanga, and Florie Liser, as well as champions of AGOA from across Africa’s private sector and civil society. He emphasized the role of American and African businesses in job creation and community upliftment over decades.
For two decades, the African Growth and Opportunity Act (AGOA) has been a cornerstone of this partnership. By allowing products from sub-Saharan countries to enter the United States tariff-free, AGOA has enabled entrepreneurs to expand their markets and create jobs across both continents.
"AGOA has also created incentives for governments to develop more stable and transparent business environments that attract more – and better – direct investment," Blinken said.
With AGOA's renewal deadline approaching next year, Blinken affirmed President Biden's support for reauthorizing AGOA. He stressed modernizing AGOA to reflect evolving economies and international markets.
"We see value in an AGOA that is agile, that’s adaptable," he stated. The goal is for AGOA to support future businesses and economies by addressing challenges such as climate change, pandemics, and shifts in global demand.
Blinken underscored continued U.S. investment in Africa, citing President Biden's remarks at the Africa Leaders Summit: "When Africa succeeds, the United States succeeds…[and] the whole world succeeds as well."
He noted demographic trends indicating significant population growth in Africa over the next 30 years. This includes projections that place the Democratic Republic of Congo as the third most populous country after India and China within 25 years.
Blinken advocated for a successful U.S.-Africa partnership characterized by economic competitiveness, resilience, stability, interdependence leveraged as an asset rather than a weakness.
The Secretary detailed ongoing efforts alongside sub-Saharan African governments to foster economic growth through trade opportunities benefiting businesses in all involved countries while supporting workers' rights and environmental protection.
Highlighting collaboration with the private sector initiated at the Africa Leaders Summit, Blinken revealed efforts resulting in over $16 billion worth of new private sector deals between African and American businesses. This includes launching platforms like the Africa Trade Desk connecting African agricultural producers with major American retailers.
Addressing infrastructure investments critical for economic growth across Africa, Blinken cited commitments totaling $82 million toward expanding digital access and literacy across sub-Saharan Africa over two years. Additionally, $3 billion has been contributed towards expanding infrastructure along key economic corridors like Lobito Corridor connecting Angola, Zambia, DRC through ports investments bridges rail lines roads high-speed internet clean energy agriculture initiatives unlocking industry growth potentialities
Recently announced projects include a $1.6 billion loan approved by Export-Import Bank constructing solar energy grids Angola increasing electricity access clean drinking water supplies businesses communities four provinces
Trade programs like AGOA crucial creating conducive business environments breaking down barriers economic cooperation bringing benefits home all people
Concluding his address Blinken invited feedback enhancing collaboration making AGOA more effective achieving shared vision equitable prosperous stable societies opportunities everyone goal objective critical tool helping achieve grateful support work effort direction
"Thank you very much," he concluded before ceding microphone Ambassador Muchanga African Union
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