President Joe Biden of the United States of America has announced that his government is signing a historic Memorandum of Understanding (MOU) with the new African Continental Free Trade Area Secretariat to continue unlocking new opportunities for trade and investment between America and African countries.
President Biden said the OAU will represent one of the largest free trade areas in the world with 1.3 billion people, and a continent-wide market totaling $3.4 trillion.
He made the commitment at the ongoing US – Africa Leaders Summit underway in the capital Washington DC attended by Malawi President Dr Lazarus Chakwera and 49 other African leaders.
Biden said the MOU is an enormous opportunity for Africa’s future.
He emphasised that his government and Africa will remain committed to implementing the MOU hoping that Africa and the United States will be brought even closer than ever.
“And with the new MOU, we’re doing things correctly: enshrining protection for workers both across Africa and in the United States; looking out for small- and medium-sized entrepreneurs and enterprises to make sure they have a fair shot to compete; lifting opportunity for women-owned businesses, diaspora-owned businesses, and businesses owned by members of historically underserved communities; and supporting and investing in the continent’s vibrant and growing urban economies,” said Biden.
He added: “Together, we want to build a future of opportunity where no one — no one is left behind.”
The US President also indicated that he wants his country to do more investing to facilitate greater regional trade within Africa, including by investing in infrastructure.
Reported by Peter Makawa, MBC Online Services, Washington DC, USA.
