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The first-ever U.S/Sub-Saharan Africa trade forum opened on Monday in Washington, a press release from the Office of the U.S. Trade Representative (USTR) said. The six-day forum of plenary sessions and roundtables with African trade ministers hopes to promote trade and investment between the U.S. and sub-Saharan Africa, the release said.
The U.S/Sub-Saharan Trade Forum was established by President George Bush in May 2001, to complement the African Growth and Opportunity Act (AGOA) which was established in 2000. AGOA underlies America's determination to support new economic opportunities for Africa, the release said.
At the forum on Monday, Bush announced the creation of a US $200 million Overseas Private Investment Corporation support facility that will give American firms access to loans, guarantees, and political risk insurance for investment projects in sub-Saharan Africa.
Bush said that the U.S. Trade and Development Agency will establish a regional office in Johannesburg and also announced the launch of the Trade for African Development and Enterprise Program, the release added.
U.S. Trade Representative Robert Zoellick would sign the U.S. Nigeria Joint Declaration on Electronic Commerce and a regional Trade and Investment Framework Agreement (TIFA) with the Common Market for Eastern and Southern Africa (COMESA) by the close of the forum, the release said. TIFA would be the first agreement between the U.S. and sub-Saharan Africa, it added.
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