U.S., Mozambique enter trade and investment agreement

U.S., Mozambique enter trade and investment agreement    The United States has signed a Trade and Investment Framework Agreement (TIFA) with Mozambique on Tuesday.
   “The TIFA will expand our bilateral trade and investment relationship with Mozambique,” said U.S. Trade Representative Rob Portman in a statement Tuesday. “It is an important next step in our increasingly strong trade relationship, and it builds on our Bilateral Investment Treaty, the African Growth and Opportunity Act, our work in the WTO (World Trade Organization), and Mozambique’s Millennium Challenge Account compact.”
   Created by the TIFA, a U.S.-Mozambique Council on Trade and Investment will be formed to address a wide range of trade and investment issues between the countries.
   Mozambique has made significant strides in its development since the end of a civil war in 1992. Total U.S.-Mozambique trade was valued at $87.2 million in 2004, a 24-percent increase over 2003. U.S. exports totaled $76.4 million in 2004, while U.S. imports from Mozambique reached $10.8 million that same year.
   The United States has TIFAs with other African countries and regions, including South Africa, Nigeria, Ghana, the Common Market for Eastern and Southern Africa (COMESA). and the West African Economic and Monetary Union (UEMOA).