COSATU welcomes the official announcement of the upcoming AGOA Summit to be held in November September 20, 2023
21 September 2023
The Congress of South African Trade Unions (COSATU) welcomes the official announcement of the AGOA Summit to be held from the 2nd to the 4th of November 2023, in Johannesburg. We support government’s efforts to extend South Africa’s membership in AGOA, host the AGOA Summit in Johannesburg in November and enhance the scope of products covered to further incentivise our economic and industrial development.
South Africa, like all nations in this globalised era, is dependent upon trading with other countries. Key trade and investment partners for South Africa include the world’s leading economies, in particular the United States (US), the European Union, China and Japan. AGOA has had a positive impact upon not only South Africa but Africa as a whole. It provides reduced tariff access for large volumes of South African goods to the US market, currently the world’s largest economy. Our mining, manufacturing and in particular auto-manufacturing, clothing, jewellry and agricultural exports have benefited from this favourable tariff regime.
AGOA is renewed annually and extended for 5-year terms. South Africa’s retention is currently subject to review as AGOA expires in 2025. Not only do US companies investing locally support 450 000 South African jobs; but even more indirect local jobs in the mining, manufacturing and agricultural sectors benefit from our large volumes of exports to the US. The revenues and taxes they generate contribute towards government’s fiscus and thus its ability to fund badly needed public services and jobs. The overwhelming majority of these workers are members of COSATU Affiliates.