The United States and Mozambique inked a trade and investment framework agreement on Tuesday in Washington with the goal of increasing economic ties.
United States Trade Representative Rob Portman and Mozambican Minister of Industry and Commerce Antonio Fernando signed the deal.
The agreement builds on the recently enacted US-Mozambique Bilateral Investment Treaty, Portman’s office said.
”Mozambique is viewed as a positive model because of its impressive track record on democracy, political stability, economic growth, openness to foreign direct investment, and expanding exports,” Portman said in a statement.
”This [agreement] will provide us an opportunity to work together to further expand trade between our two countries. It will also allow us to work more closely with the government of Mozambique to support continued progress and success.”
The agreement creates a mechanism for dialogue on trade issues and forms a United States-Mozambican Council on Trade and Investment.
In sub-Saharan Africa, the US has similar trade and investment framework agreements with South Africa, Nigeria, Ghana, the Common Market for Eastern and Southern Africa (Comesa), and the West African Economic and Monetary Union (WAEMU/UEMOA).
The US government has praised Mozambique’s market-oriented economic reforms during more than a decade of peace since the end of the African country’s civil war. Mozambique has achieved sustained growth of eight percent a year.
Total trade last year between the United States and Mozambique was estimated at more than $87-million, an expansion of 24% from 2003. – Sapa-DPA