U.S., Liberia enter trade and investment agreement
The United States and Liberia have signed an agreement to improve trade and investment between the two countries.
'Increased trade and investment will be critical to Liberia's reconstruction and economic development as the country emerges from years of war and civil strife,' said U.S. Trade Representative Susan Schwab in a statement.
Under the Trade and Investment Framework Agreement, a Council on Trade and Investment will be formed to address a wide range of issues, including Liberia's implementation of the African Growth and Opportunity Act (AGOA), trade capacity building, intellectual property, labor and environmental issues.
Liberia held national elections in October 2005, after 14 years of civil war. On Dec. 29, President Bush designated Liberia to be eligible for trade benefits under AGOA.
Total trade between the United States and Liberia was valued at $207.7 million in 2006, an increase of 30 percent over the previous year, the Office of the U.S. Trade Representative said. U.S. exports totaled $67.8 million in 2006, while U.S. imports from Liberia that same year reached $139.8 million.
U.S., Liberia enter trade and investment agreement
