Strengthening African Free Trade: New Opportunities for US and Africa
This Act aims to strengthen the African Continental Free Trade Area (AfCFTA) by developing a ten-year strategy to promote trade and investment between African countries and between Africa and the United States. US citizens may benefit from increased trade and investment opportunities for American businesses, including those owned by members of the African diaspora, potentially contributing to economic growth. The Act also establishes a trade capacity building program to improve customs operations and infrastructure development in Africa, which could impact global supply chains.
Key points
The United States will develop a 10-year strategy to promote the African Continental Free Trade Area, aiming to boost trade and investment.
The strategy focuses on improving customs operations, developing trade infrastructure, and supporting digitalization in Africa.
A Trade Capacity Building Program will be established with $200 million authorized annually from 2025-2034, managed by USAID.
The goal is to increase trade among African countries and between Africa and the US, potentially creating new business opportunities for American firms and diversifying global supply chains.
Expired
Additional Information
Print number: 117_S_5154
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2022-11-30