US-Africa export trade legislation designed to boost SME prospects
2012 03 30
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A UNITED STATES-AFRICA trade bill is intended to boost exports from small and medium-sized enterprises 200 per cent within the next decade, said New Jersey Republican Congressman Chris Smith.
The new legislation would stimulate US job creation by 6,000-7,000 jobs every US$1 billion exported to a continent whose exports account for 20.2 per cent of US imports, he said.
"For the past decade, the US has pursued the expansion of African exports to the US under the African Growth and Opportunity Act, but that legislation was designed to be more mutually beneficial to business people on both sides of the Atlantic than it has been," said Mr Smith, according to London's Containerisation International.
Mr Smith said he believes this bill would increase the volume of goods sold to Africa by supporting small and medium-sized business amounting to 60 per cent of the nation's export volume.
The US Export-Import Bank will provide trade financing up to 25 per cent of value for US-Africa projects, he added.
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