The AGOA, enacted in 2000, with the objectives of boosting trade and other forms of investment between the two countries by offering duty-free access to the US market for eligible products, is currently in disarray due to the extensive tariffs imposed.
However, as far as the country is concerned, the cessation of the AGOA could automatically result in a loss of trade prospects and other vital economic opportunities.
Thus the country’s authorities are urged to take stringent and other protective measures to avoid any unforeseeable economic repercussions and other negative financial effects.
The Point also learnt during its investigations that until recently the matter has been a “focus of dialogue and conversation” by the US government as the US Trade Representative conducts a review of the AGOA future.
Additionally, due to the fact that the Gambia mainly relies on agriculture, remittance and tourism, such tariffs could be a massive blow to the country’s economy.
Reports seen by this correspondent published by respected Economies vividly outlined the unexpected scenarios and the unpredicted impacts on the poorest countries such as The Gambia.
According to a recent report from the office of the US Trade Representative (USTR), US imports under AGOA totaled $9.7 billion in 2023 alone.
However it is equally suggested that the tariffs imposed would effectively “marginalize the US economic and market presence” across the continent to the benefit of China and Europe.
But President Trump argued that the tariffs will “boost the US economy” and encourage “US consumers to buy American products”.
