United States and Angola Hold Second Trade and Investment Framework Agreement Meeting
The United States hosted the second meeting of the U.S.-Angola Council on Trade and Investment (the “TIFA Council”), established pursuant to the Trade and Investment Framework Agreement between the Government of the United States and the Government of the Republic of Angola. Angola is one of the United States’ most important trading partners in sub-Saharan Africa. Angola’s great potential is recognized by the many international partners and investors who see Angola moving in the right direction. Angola is currently a leading beneficiary of preferential access to the U.S. market under the African Growth and Opportunity Act (AGOA), exporting mainly energy-related products and some forest products.
Discussions focused on several common objectives, including the U.S.-Angola trade and investment relationship, small and medium-sized enterprises, utilization of AGOA, protection of intellectual property rights, agri-business prospects and development, and improving bilateral investment opportunities. Discussions were led for the United States by U.S. Trade Representative Michael Froman and for Angola by Angolan Minister of Trade Dr. Rosa Escorcio Pacavira de Matos.
“Angola is one of our most important partners in sub-Saharan Africa. American exports to Angola are a strong example of how the Obama Administration is emphasizing trade as a key way to unlock economic opportunity, strengthen the middle class, and benefit our partners abroad.” said Assistant U.S. Trade Representative for Africa Florie Liser, “We charted a path forward that will strengthen our economic engagement and create jobs for Americans and Angolans alike.”
Total U.S.-Angola trade (exports plus imports) was valued at $10.2 billion in 2013.
U.S. exports to Angola were valued at $1.5 billion in 2013 The top export categories were machinery ($533 million), meat (poultry) ($249 million), iron and steel products ($133 million), electrical machinery ($104 million), and optic and medical instruments ($62 million).
U.S. imports from Angola were valued at $8.7 billion. The five largest import categories were mineral fuel and oil (crude oil) ($8.7 billion), precious stones (diamonds) ($19 million), special other (returns) ($5 million), wood ($1 million), and rubber ($71 thousand).
The TIFA Council plays a key role in advancing the common trade and investment interests of the United States and Angola and in strengthening the overall U.S.-Angola relationship. It is a critical part of comprehensive U.S. engagement with the Angolan Government to promote sound trade policies, attract investment to Angola, and advance sustainable and inclusive development. The TIFA Council is working to enhance U.S.-Angola cooperation in order to expand opportunities for workers, farmers, businesses, and consumers in both countries.
The United States and Angola signed the TIFA in 2009. The TIFA Council serves as a mechanism for regular, high-level dialogue on enhancing U.S.-Angolan trade and investment ties and improving coordination between the United States and Angola on multilateral and bilateral trade and investment issues. The previous TIFA Council meeting was held in Luanda, Angola in June 2010.