Ambassador Claire Pierangelo hosted a delegation from the United States Congress Ways and Means Committee, led by Chairman Jason Smith, concluding a two-day visit to assess the progress Madagascar has made toward the African Growth and Opportunity Act (AGOA). During the visit, they had frank discussions with the President, government officials, and business leaders while examining key industries exporting under AGOA to gain insight into the challenges and opportunities Madagascar faces as it strives to fully leverage the benefits of AGOA with its recent National AGOA Action Plan. AGOA has been at the core of U.S. economic policy and commercial engagement with Africa; Madagascar was reinstituted into the program in 2014.
“The AGOA program has been the foundation of the economic ties between the United States and Madagascar since its inception, but more must be done to foster our trade and investment relationships. The delegation looks forward to working with the Government of Madagascar on the AGOA renewal process and to facilitate economic growth in Madagascar and the broader sub-Saharan African region.” Chairman Smith stated.
This visit underscores U.S. commitment to supporting Madagascar’s growth and ensuring an optimal environment for mutually beneficial trade through AGOA. It also underscores the need for sustained progress in upholding the rule of law and democratic principles and promoting good governance.
Ambassador Pierangelo added, “The visit of Chairman Smith and his delegation affirms the bipartisan commitment of the U.S. Congress, as well as the Administration, to reauthorize AGOA. A key pillar of the shared prosperity and economic engagement between Madagascar and the United States, AGOA has the opportunity to be a transformational tool for prosperity and upholding our shared rights and values.”
According to U.S. government figures, total trade with Madagascar (imports plus exports) approached $784,000,000 in 2023, of which $622 million was imports from Madagascar to the United States, and about $62 million was exports from the United States to Madagascar.
Enacted in 2000, AGOA provides eligible sub-Saharan African countries with duty-free access to the U.S. market for over 1,800 products, in addition to the more than 5,000 products eligible for duty-free access under the Generalized System of Preferences program. To meet the rigorous eligibility requirements, countries must establish or make continual progress establishing a market-based economy, the rule of law, political pluralism, and rights to due process. Additionally, countries must eliminate barriers to U.S. trade and investment and enact policies to reduce poverty, combat corruption, and protect human rights.
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Source link : https://mg.usembassy.gov/u-s-congressional-delegation-visits-madagascar-to-assess-agoa-implementation/
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Publish date : 2024-03-28 07:00:00
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