The United States has declared that it had inked historic trade deals with various African nations this year, amounting to an impressive $14.2 billion.
The year witnessed the signing of nearly 550 new trade and investment agreements, marking a substantial 67% increase in both number and value compared to the previous year. British Robinson, the coordinator of the US-led Prosper Africa trade initiative, provided these figures during a statement.
Judd Devermont, the White House official overseeing sub-Saharan Africa affairs, expressed satisfaction with the achievements, stating, “We’ve had a record year for U.S.-Africa relations.” Devermont made these remarks during an online press conference organized exactly one year after a summit with African leaders, where President Joe Biden committed to “pull out all the stops” for the continent.
In a significant move last December, the U.S. administration pledged a substantial investment of $55 billion over the next three years in Africa. This strategic commitment aims to counter the expanding influence of China, particularly in the areas of infrastructure construction, investments, and loans.
Highlighting the progress made, Mr. Devermont revealed that the United States has already fulfilled over 40% of these commitments. He further emphasized, “By the end of the second year, we expect to exceed at least 70% of our targets,” underscoring the administration’s dedication to bolstering economic ties with African nations.
As the United States fortifies its economic engagement with Africa, the trade initiatives and investment commitments underscore the Biden administration’s commitment to fostering stronger ties and economic development in the region.
