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Amidst uncertainty, brands are reducing sourcing from AGOA members and calling for an early renewal of the African Growth and Opportunity Act.
US fashion brands are urging for an early renewal of the African Growth and Opportunity Act (AGOA), first enacted in 2000 and set to expire in 2025. US officials have indicated that the qualifying criteria for beneficiaries could be revised or the program replaced, leading to uncertainty among brands.
This uncertainty has had tangible effects on sourcing decisions. More than 45% of respondents in a recent survey revealed that they’ve reduced sourcing from AGOA members due to the uncertainty surrounding the program’s renewal.
The AGOA has been instrumental in fostering trade between the US and Africa, and its potential expiration or revision could significantly impact the fashion industry’s sourcing strategies and the economies of AGOA member countries.
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