News
Trump Upholds African Growth and Opportunity Act Trade Preference Eligibility Criteria with Rwanda
President Donald Trump of the United States of America on Tuesday issued a proclamation regarding Rwanda that enforces the eligibility criteria established by Congress for trade preferences under the African Growth and Opportunity Act (AGOA). This proclamation suspends the application of duty-free treatment for all apparel products from Rwanda.
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“We regret this outcome and hope it is temporary,” said Deputy United States Trade Representative C.J. Mahoney. “But if the AGOA eligibility criteria are to have any meaning, they have to be enforced—particularly where, as here, other AGOA members took action in order remain in compliance. The President’s action today is measured and proportional. It suspends AGOA benefits for a class of imports that totaled $1.5 million in 2017, which accounts for approximately only 3% of Rwanda’s total exports to the United States. Rwanda remains eligible to receive non-apparel benefits available under AGOA, and the President’s action does not affect the vast majority of Rwanda’s exports to the United States. We look forward to working with Rwanda to resolve this issue so that benefits in the apparel sector may be restored.”
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When Congress first passed AGOA in 2000, it imposed certain eligibility criteria to encourage recipient countries to adopt free market-oriented development models and to ensure fair market access for United States firms. The AGOA eligibility requirements include: “making continual progress toward establishing . . . a market-based economy . . . [and] the elimination of barriers to United States trade and investment.” 19 U.S.C. 3703(1)(A),(C). The United States Trade Representative (USTR) is charged with enforcing AGOA’s requirements.
An AGOA issue relating to new barriers to United States trade and investment first arose in 2015 when the East African Community (EAC) established a plan to ban imports of used clothing and footwear. The USTR’s engagement on this issue intensified in 2016 when the EAC announced it would phase in the ban by 2019. Thereafter, three EAC AGOA beneficiaries—Kenya, Tanzania, and Uganda—worked with the United States and took actions to revise their policies. As a result, they continue to receive full benefits under AGOA. Unfortunately, Rwanda has insisted on keeping in place a policy that has raised tariffs on imports of used apparel and footwear by more than one thousand percent, effectively banning imports of these products.
United States efforts over the past two years to address this issue with the Government of Rwanda have been unsuccessful. As a result, on March 29, 2018, the President determined that Rwanda was not making sufficient progress toward the elimination of barriers to United States trade and investment and was, therefore, out of compliance with AGOA’s eligibility requirements. The President informed the Government of Rwanda of his decision in March, giving Rwanda an additional 60 days to engage with the United States to resolve this problem before the suspension of its apparel benefits under AGOA. Rwanda has, however, continued to insist on retaining its tariffs. The President, therefore, has decided to suspend Rwanda’s duty-free access to the United States for apparel products until Rwanda comes back into compliance with AGOA’s eligibility requirements.
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The President believes suspension of AGOA’s benefits, instead of termination of Rwanda’s status as an AGOA beneficiary, is the appropriate remedy in this instance. The Administration supports continued engagement with the aim of restoring market access for used apparel and bringing Rwanda into compliance with AGOA’s eligibility requirements. The President can reinstate full AGOA benefits for Rwanda once he has determined that Rwanda is meeting the eligibility criteria laid out by Congress.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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