Harris Promotes Trade with Tanzania

Vice President Kamala Harris announced new initiatives aimed at boosting trade with Tanzania as she continued her visit to African countries to promote closer economic ties and offer an alternative to China.

During a meeting with Ms. Harris, Tanzania President Samia Suluhu called for a 10-year renewal of the African Growth and Opportunity Act – which remains the biggest US trade initiative with the continent.

Tanzania depends on AGOA to grow its business and trade with the United States, President Samia said. AGOA currently is set to expire in 2025.

African countries are seeking an extension of at least 10 years so that investors have security that the benefits will remain, the President said.

The Administration has suggested it wants to see more developed African countries move way from trade preferences and toward a more reciprocal trade relationship.

The Vice President announced new initiatives aimed at boosting trade and investment with Tanzania, including plans for the US Export-Import Bank and Tanzania to sign a memorandum of understanding to facilitate up to $500 million in US export financing to Tanzania. The MOU will support exports in a variety of sectors, particularly: infrastructure, transportation, digital technology, climate and energy security and power generation and distribution projects, according to a White House fact sheet.