LCC Expresses Thanks To All Sponsors Of The ‘First Made In Liberia Contest’, Providing Participants The Opportunity To Gain Valuable Exposure
The Liberia Chamber of Commerce (The Chamber) in a press release says it is pleased to inform the public that it has received an invite to participate in the African Growth & Opportunity Act (AGOA) Expo & Trade Fair in New York, U.S.A., scheduled September 25th – 30th, 2018, and further would like to also invite you to be one of our Corporate Sponsors and Partners.
The Ezzat N. Eid Foundation, in collaboration with The Chamber, hosted its first Made In Liberia Pitching & Fundraising Event on Monday, August 27, 2018 at the Royal Grand Hotel. The goal of the event was to raise funds to assist companies of locally made products (Made In Liberia) attend the AGOA Expo and Trade Fair in September.
The event helped raise money (for airfare and hotel accommodation) to send fourteen (14) Liberian owned MSMEs producers of locally made products to the upcoming AGOA Expo & Trade Fair to showcase their products. In addition, the Ezzat N. Eid Foundation also financed two (2) booths.
The African Growth and Opportunity Act, or AGOA, is a piece of U.S. Legislation that was approved by the U.S. Congress in May 2000 to increase trade between the U.S. and participating African countries. The law provides duty-free preferences for thousands of products manufactured and processed throughout the region. Liberia signed in 2006.
Despite AGOA eligibility Liberia has arguably not taken full advantage of the duty-free preferences. Liberia’s exports to the U.S. in 2016 were just over $100 million or approximately 3% of total exports. Further, exports under the AGOA program were just over $1 million, which is less than 2% of total exports to the U.S.
This low value of export under AGOA is composed of just 5 products out of the 80 product lines that Liberia exported to the U.S. in 2016. Finally, of the small export to the U.S., multiple product categories that would otherwise qualify for duty-free import under AGOA did not claim such preferences.
In spite of the low volume of export to the U.S. and low utilization of AGOA, Liberia does have a viable export sector with at least 20 product lines that would be eligible for AGOA if exported to the U.S. Of these goods, several are highly demanded in the U.S. suggesting ample opportunity for Liberia to export to the U.S.
Through the AGOA Trade & Resource Center (ATRC), which is under the Liberia Chamber of Commerce, we would like to change those statistics. The Chamber’s ATRC currently works with Export Ready Companies, by providing technical and practical assistance relating to exporting under AGOA.
AGOAExpo and Trade Fair, is a Cultural and Business Platform committed to celebrate US – Africa Cooperation, Strengthen Bilateral Trade Relations, Promote AGOA Key Export Products and Investment Opportunities through African Growth & Opportunity Act (AGOA).
It is a great opportunity and unique platform for American Companies to expand their business or introduce new products, services in the 40 African Countries eligible with direct access to Authorities and Business Leaders. A wide variety of Activities are organized periodically in US Cities (New York – Los Angeles – Miami) to boost African products exportations and take advantage of the AGOA legislation with New Partnerships and Joint Ventures.
AGOA Festival gives opportunity to all beneficiaries of the Trade Agreement to promote their business via the AGOA Key Exports Products Exhibition & Trade Fair – AGOA Apparel Fashion Week – African Apparel, Textiles & Footwear Exhibition – African Beverages & Food Show – Skins & Leather Products Made in Africa – African Cosmetics & Essential Oils – African Jewelry and Made Up Goods – African Music & Urban Dances.