Claudia Easton is an intern in the International Trade Administration’s Office of the National Export Initiative and Trade Promotion Coordinating Committee. She’s studying Economics and Political Science at Amherst College. Cross-posted from Tradeology.
With the President’s recent trip to Senegal, Tanzania and South Africa, as well as the announcement of two new trade initiatives, the spotlight is on Africa – and with good reason.
While speaking at the Business Leaders Forum in Tanzania, President Obama spoke of beginning a new level of economic engagement with Africa. The Doing Business in Africa Campaign (DBIA) is part of the president’s strategy, and the International Trade Administration (ITA) is proud to join other government agencies to support DBIA initiatives that are helping U.S. businesses compete on the continent.
Trade Africa aims to facilitate expanded trade on the continent. Its initial focus will be on the East African Community (EAC), a market with increasingly stable and pro-business regulations. The plan will support increased U.S.-EAC trade and investment, EAC trade competitiveness, and regional integration. The United States seeks to expand this initiative to other regional economic communities on the continent.
Power Africa is intended to build on Africa’s enormous power potential to expand electricity access to the more than two-thirds of the population that is without power. The President pledged $7 billion in U.S. government support, in addition to $9 billion in private money, over the next five years to double access to electricity in sub-Saharan Africa. Power Africa will help attract investment in Africa’s energy sector, build capacity for reform in the energy sector, and encourage transparent and responsible natural resource management.