XIAMEN, FUJIAN PROVINCE, CHINA (SEPTEMBER 3, 2017) (REUTERS) – A meeting of the BRICS group of emerging economies is expected to rally against trade protectionism, China’s vice trade minister said on Sunday (September 3), the first day of the summit in southeastern China. Continue reading
Togo hosted an annual conference on the African Growth and Opportunities Act (AGOA) this week, bringing together various stakeholders from African nations and the United States. In 2015, the US Congress renewed the zero tariff deal for 10 years. Analysts have questioned how the programme will fare under U.S president Donald Trump’s presidency, given his “America First” campaign, that has seen him withdraw from various international trade deals.
SHOWS: LOME, TOGO (AUGUST 09, 2017) (REUTERS) – Talks between African and U.S. officials to review the African Growth and Opportunity Act (AGOA) free trade deal ended on Thursday (August 10) with no decision and a feeling of all sides that it had achieved little since it was set up.
President Donald Trump’s top trade negotiator Robert E. Lighthizer and other U.S. officials have been in the tiny West African nation of Togo over the past two days to discuss the Clinton-era trade pact with sub-Saharan Africa.
Trump’s “America First” campaign has seen him withdraw from the Trans Pacific Partnership, threated to tear up the North American Free Trade Agreement (NAFTA) and seek to renegotiate the U.S.-South Korea free trade deal.
But his administration has said little about Africa, and had not previously mentioned the 2000 AGOA trade agreement. It is not clear whether the U.S. wants to change the deal before it expires in 2025 or extend it further – no decision was made on either count.
AGOA allows tariff-free access for thousands of goods from 38 African nations to U.S. markets.
But few African economies can take advantage of a U.S. trade initiative providing to the world’s largest market because they have little to export beyond commodities, an asset class where prices are in free fall.
Togo’s minister of commerce Bernadette Legzim-Balouki said that although not all the countries eligible have benefited from the law, the agreement allowed Africa to access the US market and that member countries will examine the constraints that prevent some African countries from profiting.
“2025 was the year that the AGOA agreement will officially came to an end. If the United States decides not to extend the agreement, does that mean that our trade relationship with the U.S must also come to an end? Not at all! African entrepreneurs and other stakeholders were able to have access to the US market. They have straightened their partnerships with economic partners in the U.S. A door has been opened, a relationship was established between the US and African countries,” she said.
Legzim-Balouki also said that the United States and the nations eligible for AGOA had agreed on some loose aims, including: to develop a better plan to take full advantage of the pact, for each eligible country to have bilateral talks with the United States, and the need for a mechanism to protect African producers from price volatility.
US officials at the forum said that the number of countries benefiting from AGOA was very limited, as is the number of sectors, adding that they will see if the situation improves in the coming years, but it is also up to the beneficiary countries to enhance their business climate.
“The AGOA programme was renewed for ten years by congress by a large margin. That means that we have 8 years of the law in place. It’s true that the environment has changed, and we are currently studying the best ways for African countries to benefit from AGOA,” said Peter Barlerin a representative of the US state department.
The U.S. trade deficit with the AGOA countries shrank to about $7.9 billion last year from a peak of $64 billion in 2008, as U.S. shale oil production increases have lessened the need for oil imports from major exporters Nigeria and Angola.
Nigerian engineer Oscar Ekponimo has created a web app that could help beat hunger. The app connects disadvantaged communities with stores and non-governmental organisations; giving them an opportunity to buy food approaching the end of its shelf life at a discount.
Private equity firm KKR has agreed to buy health information giant WebMD in a deal valued at about $2.8 billion. Fred Katayama reports. Continue reading
U.S. venture capital firms are lining up for a piece of the digital currency market but some of the hot tech startups don’t need their money. Chris Dignam reports. Continue reading
LONDON, ENGLAND, UNITED KINGDOM (JULY 6, 2017) (REUTERS) – Essence of Mildew? Eau de log flume? Or how about semen cologne? Perfume is getting quirkier – or so says exhibition ‘Perfume: A Sensory Journey Through Contemporary Scent’, a new show at London’s Somerset House. Continue reading
HAMBURG, GERMANY (JULY 6, 2017) (REUTERS) – Charity Oxfam on Thursday (July 6) denounced unfair wealth distribution in the world ahead of the start of the G20 summit, demanding from leaders they put “reducing inequality number one on their agenda.” Continue reading
LONDON, May 12 (Thomson Reuters Foundation) – Zambia’s smallholder farmers could be made squatters on their own land as the country opens up to farming multinationals in an effort to boost its economy, said a United Nations expert. Continue reading
LONDON, ENGLAND, UK (REUTERS) – Hospitals across England were being forced to divert emergency cases on Friday (May 12) after suffering a suspected national cyber attack.
LONDON, May 11, 2017 /PRNewswire/ — Software developers from all over the world will compete to develop technologies that prevent extremism and foster tolerance. Continue reading