The United States Agency for International Development (USAID) Southern Africa Trade and Investment Hub has launched an electronic commodity trading portal for Africa that enables the exchange of commodities, payment and trade finance instruments. Speaking at the launch at the Johannesburg Stock Exchange, senior deputy assistant administrator for Africa, Ramsey Day, said that the portal interlinked markets in 15 African jurisdictions in southern, West and East Africa. He said this was to stimulate further commodities trade on the continent and to “help US businesses and investors to seize growth opportunities in sub-Saharan Africa’s rapidly expanding economies”. Several sub-Saharan countries benefit from the lower tariffs and easier access to US markets as part of the African Growth and Opportunity Act (Agoa) legislation which is still valid until 2025. According to US deputy secretary of state, John Sullivan, trade between Africa and the US continues to grow. “Over the last year, total US trade with Africa climbed to US$38.5 billion – up from US$33 billion in 2016,” he said, adding that the total non-oil goods trade had more than doubled from US$13 billion to almost US$30 billion a year. “This growth has benefited both US and African companies and contributed to economic opportunity and job creation on both sides of the Atlantic,” he said. The USAID regional trade and investment hubs in Africa were breaking down barriers to commerce every day, he added.
