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The Japanese government intends to establish an African Growth and Opportunities Act (AGOA)-like trade agreement with African countries.

The intension was made known at the 5th annual Tokyo International Conference on African Development (TICAD).

The AGOA was approved into law by the US Congress in May 2000 to assist the economies of sub-Saharan African countries and to improve economic relations between the US and the region.

Under AGOA, African countries have trade preferences for quota and duty-free entry into the US for certain goods under the Generalised System Preferences programmes. Eligible African countries have market access for textiles and apparel goods, as well as non-traditional exports.

At the TICAD, Japan made its intension to increase its presence in Africa as well as a proposed an annual meeting of Japan?s private sector and Africa?s private sector.

The three-day conference is scheduled to end on June 3, 2013

By John Mensah/ghanabusinessnews.com

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