Washington—Building on the momentum of President Obama’s Trade Africa initiative, a new trade alliance will promote Africa as a reliable sourcing destination for international buyers and explore opportunities to promote U.S. trade and investment in Africa.
The United States Agency for International Development (USAID), the American Apparel & Footwear Association (AAFA), and the African Cotton & Textile Industries Federation (ACTIF) have entered into a memorandum of understanding to expand trade and investment linkages between the United States and sub-Saharan Africa in the cotton textile and apparel sectors.
‘Could One Day Outpace India or China’
“Africa is poised to make great strides in economic development in this decade with our combined GDP growing by 60% by 2020,” said ACTIF’s Chairperson Jaswinder Bendi. “This partnership with USAID and AAFA will ensure that both the United States and Africa participate in this growth story.”
With support from USAID, AAFA and ACTIF plan to expand and facilitate U.S.—Africa cooperation through the exchange of market and import/export policy information, guidance on requirements and best practices, and the promotion of joint solutions to address market constraints.
“Sub-Saharan Africa is a growing player in the global apparel and footwear marketplace,” said AAFA Executive Vice President Steve Lamar. “Through this memorandum of understanding, AAFA is excited to work with USAID and ACTIF to facilitate increased trade and market access opportunities between the United States and Africa.”
President Obama has renewed the United States’ emphasis on spurring economic growth, trade, and investment in Africa, including promoting an enabling environment for trade and investment, regional integration, improved economic governance and expanded African capacity to trade.
As America supports the development of Africa’s economic growth, it can generate new export markets and tap into a common market that could one day outpace India or China.