Obama says UN to increase support to help build Africa’s trade capacity

Friday, 8 August 2014 00:40 - - {{hitsCtrl.values.hits}}

Reuters: US President Barack Obama said on Wednesday (6 August) the United States and Africa “made important progress in expanding... trade.” “The $33 billion in new trade and investments that I announced yesterday will help spur African development and support tens of thousands of American jobs. With major new commitments to our Power Africa initiative, we’ve tripled our goal and now aim to bring electricity to 60 million African homes and businesses. And today I reiterated that we’ll continue to work with Congress to achieve a seamless and long-term renewal of the African Growth and Opportunity Act. We agreed that Africa’s growth depends, first and foremost, on continued reforms in Africa, by Africans. The leaders here pledged to step up efforts to pursue reforms that attract investment, reduce barriers that stifle trade – especially between African countries – and to promote regional integration. And as I announced yesterday, the United States will increase our support to help build Africa’s capacity to trade with itself and with the world,” Obama said during a news conference at the conclusion of the US-Africa Summit in Washington, where he hosted dozens of African leaders to discuss trade, business opportunities and security issues. African leaders on 5 August called for a deeper economic relationship with the United States, hailing investment pledges totaling more than $17 billion at a Washington summit as a fresh step in the right direction. US and African companies and the World Bank pledged new investment in construction, energy and information technology projects in Africa at the US-Africa Business Forum, including several joint ventures between US and African partners. The US President also said that “Africa must know that they will always have a strong and reliable partner in the United States of America.” African leaders said they were optimistic of becoming full partners in a relationship worth an estimated $85 billion a year in trade flows, as US business leaders eyed opportunities in the region, home to six of the world’s 10 fastest-growing economies.