AGRIC is an acronym that stands for the African Growth and Opportunity Act. It is a trade agreement enacted by the United States with the aim of promoting economic growth and development in African countries. The agreement was signed into law in 2000 and offers eligible African countries duty-free and quota-free access to the United States market for a wide range of products.
Under AGRIC, eligible countries are required to meet certain criteria pertaining to policies such as the rule of law, human rights, and labor standards. This encourages participating countries to adopt and implement democratic governance, respect for human rights, and the principles of a free-market economy.
AGRIC seeks to facilitate increased trade and investment between the United States and Africa, thereby boosting economic development, diversification, and job creation in participating countries. By removing trade barriers, such as tariffs and quotas, it aims to provide African exporters with a competitive advantage in the American market.
The agreement covers various sectors, including agriculture, manufacturing, and services. It specifically targets products with high potential for export and value-added production, aiming to foster economic growth and enhance Africa's participation in the global economy.
Overall, AGRIC aims to create mutually beneficial trade relationships between the United States and Africa, promoting economic integration, development, and knowledge-sharing between the two regions.
