The United States Trade Representative (USTR) Michael Froman, last week announced new moves to ease trade between the US and the East African Community.
“This agreement will help us lift the burdens that trade barriers impose, unlocking opportunity on both our continents,” he said in Washington.
According to the USTR, trade of goods between the US and the five countries totaled $2.8 billion in 2014.
The agreement also establishes a new five-year, $64 million trade and investment hub in East Africa focused on broadly increasing exports under the African Growth and Opportunity Act (AGOA), while expanding and diversifying regional agricultural trade and food security.
Froman said , “Today’s agreement is an important milestone for deepening what has already proven itself to be a promising and impactful partnership.
Thursday’s deal will help the African nations further streamline the customs process, meet global standards on food protections and reduce other technical barriers to trade.
According to a release from the Office of the Trade Representative, during a summer 2013 trip to Africa, President Obama announced the Trade Africa initiative to promote US.-Africa trade and investment, with the starting point in East Africa.
With strides made there, the Obama administration wants to deepen that relationship by knocking down additional trade barriers in the region while expanding the U.S. reach to other African nations.
“We see this agreement and all our work with the EAC to date as an important steppingstone, not the final destination,” Froman said.
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