U.S. strengthens trade ties to Rwanda
The United States has entered an agreement with Rwanda this week to strength trade and investment ties between the two countries.
The Trade and Investment Framework Agreement (TIFA) will provide a consultative forum through which the countries may address their bilateral trade issues and enhance mutual investment.
“The Rwandan government has taken great strides to open its economy and to improve the business environment within the country,” said Deputy U.S. Trade Representative Karan Bhatia in a statement. “The TIFA will provide an opportunity for us to work together to expand trade and investment between our two countries and to work more closely in a broad range of trade-related areas.”
The World Bank’s Doing Business 2006 report named Rwanda a top economic reformer in sub-Saharan Africa. The country actively participates in the Free Trade Area of the Common Market for Eastern and Southern Africa (COMESA) and World Trade Organization.
The United States has TIFAs with several other sub-Saharan African countries, including Ghana, Mozambique, Nigeria, South Africa, COMESA and the West African Economic and Monetary Union.
According to the USTR, U.S. imports from Rwanda were valued at $6.3 million in 2005, up 17 percent from 2004, and comprised mostly coffee and tungsten ores. In the past year, Rwandan companies, with help from the U.S. Agency for International Development, have entered partnerships with Macy’s and Starbucks for trade in baskets and specialty coffee.
However, U.S. exports to Rwanda totaled $10.2 million in 2005, a decline of 8 percent from 2004, the USTR noted.
U.S. strengthens trade ties to Rwanda
