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Strengthening Our Economic Partnership With Africa And The Caribbean Basin
THE WHITE HOUSE AT WORK
Thursday, May 18,
2000
PRESIDENT CLINTON: STRENGTHENING OUR ECONOMIC PARTNERSHIP WITH
AFRICA AND THE CARIBBEAN BASIN
"The legislation I sign today is about more than development and
trade. It's about transforming our relationship with two regions full of good
people trying to build good futures who are very important to our own
future."
President Bill Clinton Thursday, May 18, 2000
Today, at the White House, President Clinton signed into law the
Trade and Development Act of 2000. The measure, which includes the Africa
Growth and Opportunity Act (AGOA), the U.S.-Caribbean Basin Trade Partnership
Act (CBTPA), and other important provisions, advances U.S. economic and
security interests by strengthening our relationship with regions of the world
that are making progress in the areas of economic development and political
reform. It expands two-way trade and creates incentives for the countries of
sub-Saharan Africa (SSA) and the Caribbean Basin to continue reforming their
economies and participate more fully in the global economy.
Strengthening our Partnership with Africa. The 48 countries
of sub-Saharan Africa make up a market of 700 million people, offering enormous
potential for U.S. exporters. The AGOA promises to deepen our economic
partnership with Africa, and encourages SSA countries to undertake economic
reforms and engage in the world economy, leading to increased investment,
economic growth, and poverty reduction. Among other provisions, the Act will:
Establish, as U.S. policy, a framework of incentives to encourage
greater economic growth and self-reliance through enhanced international trade
and investment in Africa, and take steps toward consideration of a free-trade
area;
Expand the Generalized System of Preferences program to provide
duty-free treatment to virtually all products exported to the U.S. from SSA;
Protect African workers and U.S. jobs by creating tough
safeguards against trans-shipment, and require that internationally recognized
workers' rights and human rights be respected; and
Make the eradication of AIDS a top priority of the U.S.
government, and encourage the American private sector to take a more active
role in combating AIDS/HIV in Africa.
Strengthening our Ties to the Caribbean. The 23 independent
countries of the Caribbean Basin region together formed the sixth-largest
export market for U.S. goods last year. But the devastation of Hurricanes Mitch
and Georges in 1998 set the regional economy back. The CBTPA will help repair
the damage, promote long-term growth, and create conditions in which
democracies can thrive. Among other provisions, the CBTPA will:
Extend preferential tariff treatment to textile and apparel goods
assembled from U.S. fabric, thereby increasing U.S. exports of cotton and yarn,
promoting investment in the region, and strengthening the position of the U.S.
textile industry;
Offer temporary trade benefits to Caribbean Basin countries to
facilitate their economic development and reconstruction, and encourage more
openness in their conduct of economic policy; and
Base eligibility for expanded trade benefits on fulfillment of
WTO fair trade obligations, cooperation in counter-narcotics efforts, respect
for core labor standards, and protection of intellectual property rights.
Working to Create Opportunity. Today's legislation is part of
President Clinton's agenda to reduce poverty and stimulate economic growth
while creating opportunities in the global economy. The President is working
to:
Provide debt relief by leading our G-7 partners in
adopting the Cologne Debt Initiative, which will reduce the debts of more than
30 of the world's poorest countries;
Fight infectious disease through budget proposals
including a $1 billion tax incentive aimed at stimulating the development of
vaccines for poor countries, a $50 million contribution to the Global Alliance
for Vaccines Initiative, and a $100 million increase in foreign assistance for
AIDS prevention and care; and
Ensure basic education and combat child labor with a 50
percent increase in U.S. assistance in this year's budget to improve access to
basic education and combat child labor in developing countries.