The African Growth and Opportunity Act (AGOA) was signed into law by President Bill Clinton on 18th July 2000. The act is a trade act that provides for duty-free entry of certain products of African countries.
The AGOA law was designed to promote economic development in Africa and to reduce poverty by providing preferential access to the US market for certain goods from Africa. It seeks to remove barriers that have contributed to the impoverishment of African countries. Furthermore, it also aims at reducing tariff and trade barriers between the United States and other beneficiary countries, including those within Africa.
FITT (Forum for International Trade Training) and Africa Business Venture held a joint online event on July 7, 2021: Understanding the African Growth and Opportunity Act (AGOA) and How It Can Benefit Your Business with US Trade.
The discussion featured first-hand knowledge from CITPs, international trade lawyers, and seasoned business experts.
The video below provides information about:
– How (for businesses looking to sell into the US) AGOA can be a beneficial trade act that makes a trade on thousands of products much easier and more cost-effective
– Why AGOA exists and how it gives preferential treatment to eligible companies in Africa when selling into the US
– What are the criteria required from companies to be able to qualify for the benefits
– First-hand accounts from business experts who have worked with AGOA
– Trans-shipment and anti-circumvention rule.
Watch the recording to learn why AGOA is a beneficial trade act for businesses looking to sell into US markets and why it can be part of a smart supply chain strategy for businesses both in Africa and other international markets.
-Culled from FITT (Forum for International Trade Training)