USTR: Trade with sub-Saharan Africa up 17% in 2006

USTR: Trade with sub-Saharan Africa up 17% in 2006 Two-way trade between the United States and sub-Saharan African countries increased 17 percent in 2006 over 2005, reaching almost $71.3 billion, with both U.S. exports to and U.S. imports from the region growing, said U.S. Trade Representative Susan Schwab, in a report submitted Friday to Congress.
   The 2007 Comprehensive Report on U.S. Trade and Investment Policy Toward Sub-Saharan Africa and Implementation of the African Growth and Opportunity Act (AGOA) details U.S. programs that are assisting African countries to strengthen economic growth and development through trade.
   “The administration is proud of its efforts to bring sub-Saharan Africa more fully into the community of trading nations,' Schwab said. 'Trade is the best tool we have to alleviate poverty and spur economic development, and AGOA is a key element in America's effort. Since AGOA's launch in 2000, two-way trade between the United States and sub-Saharan African countries has increased 143 percent.'
   The report to Congress provides an overview of the U.S. trade and investment relationship with sub-Saharan Africa, including trade flows under AGOA. It also covers trade capacity building and other technical assistance programs undertaken in support of AGOA's objectives.
   Among the reports highlights:
   * Thirty-eight of the 48 sub-Saharan African countries are eligible for AGOA, including Liberia, which was added to the list of eligible sub-Saharan African countries as of Jan. 1. Twenty-six of these 38 countries are eligible to receive AGOA's apparel benefits.
   * U.S. imports from AGOA countries totaled $44.2 billion in 2006, up 16 percent over 2005, largely due to oil. Non-oil AGOA trade increased 7 percent to $3.2 billion — rebounding from a 16 percent decline in 2005 — as several sectors (footwear, fruits, nuts, prepared vegetables and cut flowers) experienced increases.
   * The United States devoted $394 million to trade capacity building activities in sub-Saharan Africa in fiscal year 2006, up 95 percent from 2005. Of this amount, trade-related assistance from the Millennium Challenge Corp. accounted for $276 million. In fiscal year 2006, the United States launched implementation of the five-year, $200 million African Global Competitiveness Initiative, which is designed to help improve the competitiveness of sub-Saharan African enterprises.
   The full report can be found on the Office of the U.S. Trade Representative Web site: https://www.ustr.gov.