Home » US Hails ‘Record’ Year for Trade With Africa
Africa Economy Featured News United States

US Hails ‘Record’ Year for Trade With Africa

The United States welcomed Wednesday the conclusion of record trade agreements with Africa this year, totaling $14.2 billion, in the context of a struggle for influence with China on the continent.

Nearly 550 new trade and investment agreements have been signed, representing a 67% increase compared to 2022 in terms of number and value, said British Robinson, coordinator of the “Prosper Africa” ​​trade initiative launched by the UNITED STATES.

“We have had a record year for US-Africa relations,” said Judd Devermont, head of sub-Saharan Africa at the White House, during an online press conference organized a year after a summit with African leaders during which US President Joe Biden pledged to “pull out all the stops” on the continent.

Washington committed in December to investing $55 billion over three years in Africa. This strategy aims in particular to counter the growing presence of China, which has notably made inroads in infrastructure construction, investments, and loans.

The United States has already achieved more than 40% of these commitments, underlined Mr. Devermont. “By the end of the second year, we plan to exceed at least 70% of our goals,” he added.

Source : Africa News