Black political and economic leaders have the chance to capitalize on President Joe Biden’s December summit on trade between the United States and Africa and establish new partnerships with the continent.
Black voters exerted political power in coalitions in Georgia, North Carolina, Michigan, New York, and other states during the midterm elections. The election of Wes Moore as governor and Antonio Brown as attorney general made history in Maryland, where black people make up 30% of the population. Undoubtedly, black Americans are experiencing a period of unprecedented political power.
The declaration by the United Nations General Assembly that 2015–2024 will be “The International Decade for the People of African Descent” adds to the moment. It is an effort to encourage diasporic development in the wake of slavery, including the development of equitable trade patterns between Black America and Africa.
How to use the momentum to make their states a place where the black community can rise is the challenge facing leaders. One strategy is to improve relations with the 49 African nations that the Biden administration invited to the summit.
Over the next three years, the administration promised to invest at least $55 billion in Africa, with a special emphasis on building infrastructure for access to electricity. There are chances to work together on projects that will benefit both businesses and industries.
Are politicians in Maryland and other states ready to sponsor trade delegations like Minnesota did last year to Ghana and Cameroon?
Black state leaders ought to make President Biden’s Africa summit a springboard for reestablishing economic ties with Africa.
Along with other trade agreements, the African Growth and Opportunity Act of 2000 granted companies in 36 sub-Saharan nations duty-free access to the American market for approximately 6,800 goods. Among the main African items are cocoa, espresso, tea, natural product, nuts, shea spread, cotton, metals, apparatus, flavors, styles, music and TV plates, and different things.
Leaders should find ways to help importers collaborate with regulatory agencies and encourage purchasing managers in state agencies to buy products from preferred African companies. They should also try to convince federal officials to mandate that container ships from Africa unload workers in the Baltimore and Savannah ports.
Participation in the African Continental Free Trade Area, which was agreed upon by the African Union and the U.S. Chamber of Commerce, is just as significant. Executed during the December highest point, the zone can possibly help development, diminish neediness, and widen monetary incorporation across sub-Saharan Africa.
Certainly, black political and business leaders ought to call on the Biden administration to include them; a seat at the table is a sensible assumption from a president who vowed to have them covered.
The State Department’s gateway trade programs should be utilized immediately by leaders. For example, the department will sponsor a business trip to Ghana in west Africa in February. The Association Opportunity Assignment means to unite business, monetary, and specialized specialists to seek after adventures in the perfect energy area.
Power Africa is a different program that helps the private sector, international development organizations, and government resources to produce more electricity. Power Africa has helped nearly 165 million people in sub-Saharan Africa gain access to electricity since 2013. The Biden administration invested $100 million in 2023 and spent $193 million supporting the initiative.
The Clean Technology Energy Network should make it easier for businesses, philanthropic organizations, and investment firms to collaborate with it. Over the course of the following five years, the State Division expects to guide ventures of up to $350 million in projects that grow admittance to dependable power. The creation of a battery chain for electric vehicles in Zambia and the Democratic Republic of the Congo (DRC), both in central Africa, is yet another promising endeavor.
Be aware that the region is contested by the United States, China, the European Union, and other powers due to its abundance of minerals. Zambia is the sixth-largest copper producer in the world and the second-largest cobalt producer in Africa, according to the State Department. The DRC supplies 70% of the world’s cobalt. A memorandum of understanding for the electric battery project was signed at the Africa summit in December.
Black politicians need to make sure that their businesses and financial institutions are included in this potentially lucrative project.
All things being equal, dark state pioneers ought to utilize President Biden’s Africa highest point as a take off platform for the rebuilding of monetary binds with the landmass.
They will cultivate a space for black-owned businesses, investors, and consumers and establish long-term economic partnerships with their African counterparts if they are able to capitalize on the momentum of the summit.
An assessment: House Roger
Source: House Roger