President Joe Biden recently declared the exclusion of Gabon, Niger, Uganda, and the Central African Republic from the African Growth and Opportunity Act (AGOA) trade initiative, citing significant human rights violations and the lack of progress in establishing political pluralism and the rule of law.
Despite attempts to engage with the concerned nations, President Biden expressed disappointment at their failure to meet the eligibility criteria for AGOA benefits.
The removal will take effect from January 1, 2024, with continuous assessments to ensure compliance.
Launched in 2000, AGOA provides eligible countries with duty-free access to the American market, supporting economic growth and development.
While discussions are ongoing regarding the potential extension of AGOA, African governments and industry groups are advocating for a seamless 10-year extension, emphasizing the importance of providing stability for businesses and encouraging long-term investments.