Angola President Calls for Shift Towards US-Africa Trade Partnerships

Angolan President João Lourenço underscored the value of US-Africa trade and partnerships during a summit in Luanda this week. Citing the need for a review of existing US tariffs on African exports, President Lourenço asserted that there needs to be a transformative shift from aid to trade, with a focus on investments that unlock high returns for both the US and African countries.

According to President Lourenço, beyond the traditional oil and mineral extraction sectors, Africa holds significant opportunities for US companies. As such, he stated that US companies should invest in emerging industries such as automotive manufacturing, shipbuilding, tourism, cement production and steel production.

“It is time to replace the logic of aid with the logic of investment and trade,” stated President Lourenço.

Similar calls were made by Mahmoud Ali Youssouf, Chairperson of the African Union Commission, and Akinwumo Adesina, President of multilateral development finance institution the African Development Bank Group, who emphasized the need to address punitive tariffs and visa restrictions. Both Youssouf and Adesina highlighted the need to review tariff structures and build co-created solutions that prioritize US-Africa trade.

Platforms such as the African Continental Free Trade Area (AfCFTA) were identified as strategic avenues for facilitating greater trade and partnerships. According to AfCFTA Secretary General Wamkele Mene, the AfCFTA offers a unique opportunity for countries across the continent to scale investment, reduce fragmentation and accelerate industrial development.