CCA Special Events on the Sidelines of United Nations General Assembly: CCA Roundtable on AGOA and U.S.-South Africa Trade with H.E. Parks Tau, Minister, Department of Trade, Industry and Competition

On Wednesday, September 25, 2024, the Corporate Council on Africa hosted the "U.S.-South Africa Business and Investment Roundtable" with South Africa's Minister of Trade and Industry, H.E. Minister Parks Tau. With the expiration of AGOA fast approaching, along with the implementation of the AfCFTA, it is imperative to bring together U.S. and African private and public sector actors to discuss with the South African government, which is one of the countries that has benefitted the most from AGOA.

During the roundtable, Minister Tau stressed the value that AGOA brings to South Africa and the value that South Africa's participation in AGOA brings to the region as a whole. Minister Tau expressed that he views AGOA as "an indispensable economic lifeline" for South Africa. The discussion touched on several strategies for ensuring the renewal of AGOA, areas where AGOA could be improved, and ways for South Africa to benefit even more from a future AGOA. The participants stressed the need for conversations on AGOA renewal to focus on how African businesses benefit and how American companies benefit immensely from this program through their relationships with African businesses. Additionally, expanding the tax credits under the Inflation Reduction Act, which applies to critical mineral beneficiation done by U.S. free trade partners, to include AGOA beneficiaries was brought up to support and enhance South Africa's ability to take advantage of its critical mineral resources. Minister Tau revealed that the government was already working on a national utilization strategy, which they would be releasing soon, enabling them to benefit even more from AGOA in the future.

Representatives from Pfizer, Mastercard, P&G, Exxon Mobile, Standard Bank, Schneidman & Associates, and KRL International echoed the Minister's sentiments on the importance of AGOA and expressed their desire to find new opportunities for further collaboration in health, financing, energy transition, manufacturing, and regulatory harmonization with South Africa. The Minister welcomed the offers of collaboration in the key sectors, which the government of unity had previously identified as areas of priority.

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