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The
First U.S.-Sub-Saharan African Trade & Economic Cooperation
Forum
"No
nation in our time has entered the fast track of development
without first opening up its economy to world markets.
The African Growth and Opportunity Act is a road map for how
the United States and Africa can tap the power of markets to
improve the lives of our citizens."
President
George W. Bush, October 29, 2001
With
these words, President Bush addressed the first U.S.-Sub-Saharan
African Trade and Economic Cooperation Forum, more commonly
known as the AGOA Forum. The AGOA Forum was held in Washington
October 29-30, 2001, and was hosted by the Secretaries of
State, Treasury, and Commerce, and the U.S. Trade Representative.
Trade, Foreign Affairs, and Finance Ministers from 35 eligible
Sub-Saharan African countries participated, along with representatives
from African regional organizations. The focus of the
Forum was on discussing further measures that the U.S. and
Sub-Saharan African nations can jointly take to stimulate
economic growth and trade, enhance democracy and good governance,
and combat HIV/AIDS.
The
Forum was a resounding success largely because of the broad
cabinet-level participation and the interactive format of
the plenary sessions. The participation of President
Bush, Secretary Powell, Secretary O'Neill, Secretary Evans,
Secretary Veneman, U.S. Trade Representative Zoellick, National
Security Advisor Rice, USAID Administrator Natsios, and Members
Of Congress of both political parties demonstrated the deep
commitment of the Administration and U.S. Government to strengthening
trade and investment ties, increading prosperity and combating
poverty on the African continent.
During
the Forum, U.S. officials emphasized the United States’ strong
commitment to Africa and noted the initial success of
AGOA. U.S. and African speakers underscored the necessity
of good governance, rule of law, and political freedom to
attract investment and achieve growth. The use of African
co-chairs and active question and answer sessions allowed
African officials the opportunity speak openly about the benefits
and challenges of AGOA.
In
his address to the Forum, President Bush announced the creation
of a $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-Sahara Africa. He also announced the establishment
of a Trade and Development Agency (TDA) regional office in
Johannesburg and the TDA Trade for African Development and
Enterprise Program, both to provide guidance and assistance
to governments and companies which seek to liberalize their
trade laws, improve the investment environment, and take advantage
of AGOA.
FOR
TEXT OF AGOA FORUM PLENARY REMARKS CLICK BELOW:
PRESIDENT
BUSH
TREASURY
SECRETARY O'NEILL
SECRETARY
OF STATE POWELL
USTR
ZOELLICK (Press Release)
1st
AGOA Forum News Letter
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