To reauthorize the African Growth and Opportunity Act.
The bill includes provisions to impose stricter monitoring and review requirements for beneficiary countries. It mandates that the President reports biennially on the progress of these countries in meeting AGOA eligibility criteria. Additionally, it introduces measures for enhancing trade capacity by encouraging the development of utilization strategies that aim to strengthen trade relationships and promote regional integration. The bill also requires a report on the enforcement of prohibitions against the importation of goods produced with forced labor, specifically targeting compliance related to textile imports.
House Bill 10366, titled the AGOA Extension and Enhancement Act of 2024, aims to reauthorize and enhance the African Growth and Opportunity Act (AGOA). This legislation proposes to extend the act's expiration date from September 30, 2025, to September 30, 2037. Such an extension is intended to maintain and potentially expand economic ties between the United States and sub-Saharan African countries, facilitating greater access to U.S. markets for eligible goods coming from this region.
Notable points of contention surrounding HB 10366 involve discussions on how these trade agreements can impact local economies in both the U.S. and beneficiary countries. Critics may express concerns that while the bill aims to support sub-Saharan economies, it could lead to unintended consequences such as job losses in certain U.S. industries due to increased competition. Additionally, there may be fears regarding the effectiveness of monitoring, especially in addressing issues related to labor standards and human rights, particularly in regions with known violations.