Washington moves to strengthen trade ties with Angola

AMERICAN and Angolan trade officials met in Luanda recently to strengthen trade and investment between the two countries.

Angola is America's third largest sub-Saharan trading partner after Nigeria and South Africa. Trade totalled US$10.7 billion in 2009 ($9.3 billion in US imports from Angola and $1.4 billion in US exports), a 49 per cent decrease from 2008, a drop attributed to the global downturn.

Angolan exports to the US are mostly mineral fuels and oil, but also precious or semiprecious stones and metals. Angola imports American machinery, aircraft, vehicles and medical equipment.

Held under the auspices of the US-Angola Trade and Investment Framework Agreement (TIFA), the meeting provides a forum for advancing cooperation on the full spectrum of trade and investment problems and opportunities between the two countries.

The meeting 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, reported American Shipper. 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 recognise that the country is moving in the right direction and has great potential," said assistant US trade representative Florie Liser. "The work plan we developed will guide our efforts over the coming year on a wide range of issues."
(Source:www.schednet.com)