Prosper Africa Act Stalls in Congress Despite Trade Boost Potential
The Prosper Africa Act, a bipartisan legislation aimed at bolstering U.S. economic and business engagement in Africa, has been slow to gain traction in Congress despite its potential to double two-way trade and investment. The act seeks to align U.S. strategic priorities with African partners, diversify critical mineral supply chains, and accelerate economic recovery from global shocks.
Introduced to shift U.S. foreign policy towards more investment-driven approaches in Africa, the Prosper Africa Act faces challenges in its current form. To prioritize specific industries, the draft legislation needs revision to leverage the U.S. private sector's comparative advantages. Currently, U.S.-Africa trade has declined since 2009, with American business presence trailing behind countries like Turkey and India in some regions.
To ensure the act's success, the U.S. Congress should engage African partners and the U.S.-based African diaspora in shaping the Prosper Africa initiative. The advisory board, however, does not specify which diaspora countries should be considered, leaving room for further clarification. Prosper Africa aims to provide stability and attract private-sector partners, making the act's revision crucial for its effectiveness.
The Prosper Africa Act represents a significant effort to strengthen U.S. economic ties with Africa. To fully realize its potential, the legislation needs revision to prioritize industries based on U.S. private sector advantages. Engaging African partners and the U.S.-based African diaspora in the process will ensure the act's success in accelerating economic recovery and doubling trade and investment.
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