The day-long meeting was the first held under the U.S.-Angola Trade and Investment Framework Agreement (TIFA), which was signed in May 2009. The TIFA provides a high-level forum for advancing cooperation on the full spectrum of trade and investment issues between the United States and Angola.
The meeting discussions focused on bilateral trade, implementation of the African Growth and Opportunity Act (AGOA), investment promotion, the business environment, agri-business prospects and development, and trade-related transportation and infrastructure issues. The two delegations also discussed the elements of a joint work plan for tracking progress in each of these issues areas.
'Angola is one of the United States' most important trade and investment partners in sub-Saharan Africa. Angola's international partners and investors recognize that the country is moving in the right direction and has great potential,' said Florie Liser, assistant U.S. trade representative, in a statement. 'The work plan we developed will guide our efforts over the coming year on a wide range of issues.'
According to the Office of the U.S. Trade Representative, Angola is the United States' third-largest trading partner in sub-Saharan Africa, behind only Nigeria and South Africa. Two-way trade totaled $10.7 billion in 2009 ($9.3 billion in U.S. imports from Angola and $1.4 billion in U.S. exports), a decrease of 49 percent from 2008, due in large part to the global economic downturn. However, trade rebounded in the first four months of 2010, increasing 40 percent over the same period in 2009, USTR said.
Angolan exports to the United States mainly include mineral fuels and oil, but also include precious or semiprecious stones and metals. Angola is a leading beneficiary of AGOA, though to date it has exported only oil and energy products under the AGOA preference program. The leading U.S. exports to Angola are machinery, aircraft, vehicles, and medical equipment.
