Cape Town – President Cyril Ramaphosa says economies in Sub-Saharan countries stand to benefit far more from the African Growth and Opportunity Act (Agoa) than notable trade statistics.
“Agoa enhances the diversification of African economies, enabling them to export value-added products. By enabling African countries to have preferential access to the US market, this opportunity incentivises African countries to develop and export value-added goods and services. This does and will continue to reduce Africa’s dependence on primary commodities and enhance its ability to participate in global value chains.
“Another important element of Agoa is that it has a capacity-building and technical assistance component that supports African countries in meeting the requirements for accessing the US market. This assistance helps improve Africa’s competitiveness by enhancing skills, knowledge and infrastructure, enabling African businesses to meet international standards,” Ramaphosa said in his weekly newsletter on Monday.