Reps Sheila Cherfilus-McCormick and Jonathan Jackson Float U.S.-Africa Strategic Trade and Investment Partnership Act
May 07, 2024
WASHINGTON D.C. – Today, Congresswoman Sheila Cherfilus-McCormick (D-FL) and Congressman Jonathan Jackson (D-IL) introduced H.R. 8249, the U.S.-Africa Strategic Trade and Investment Partnership Act of 2024 (ASTIP). This Act, designed to bolster the U.S.-Africa partnership, holds significant potential to advance the Africa Continental Free Trade Area (AfCFTA) agreement, marking a crucial step in the evolution of U.S.-Africa trade relations.
Since the signing of the AfCFTA agreement, when measured by the number of countries participating, Africa has become the largest single market in the world. Africa's current population stands at 1.2 billion people, and this number is expected to grow to 2.5 billion by 2050. By that time, the continent's economy is projected to reach $29 trillion. Additionally, by 2035, African countries are expected to experience a $450 billion increase in their gross domestic product, which will lift 30 million people out of extreme poverty.
According to the Brookings Institution press book, “Unlocking Africa’s Business Potential,” authored by Professor Landry Signé, by 2050, the combined consumer and business spending in Africa will exceed $16.12 trillion.
“ASTIP is aimed at supporting the implementation of the AfCFTA, creating a mutually beneficial partnership between Africa and the U.S. This partnership will promote prosperity, create long-term job opportunities on both continents, and preserve democracy and peace,” said Congresswoman Sheila Cherfilus-McCormick. “This bill establishes a framework for negotiating high-standard commitments to achieve economic outcomes, involving the African diaspora, women, and youth. ASTIP will go beyond the progress made under the Africa Growth of Opportunities Act (AGOA), providing strong support for Africa's economic integration and reinforcing its trade relations with the U.S.”
“This bill demonstrates our strong partnership and commitment to Africa’s sustainable development. Investing in Africa’s growth provides more business opportunities for both Africa and the U.S. and solidifies our mutual interests – a strong and prosperous Africa.” said Congressman Jonathan L. Jackson.
The bill text for ASTIP can be found here.
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