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AGOA Forum To Discuss Trade Deal Extension

SOUTH AFRICA
  • African Union Trade Commissioner Albert Muchanga called on an extension of the African Growth and Opportunity Act (AGOA) by 10-20 years. The matter is high on the agenda of the ongoing AGOA Forum hosted by South Africa and attended by a high-profile US delegation led by US Trade Representative Katherine Tai. Muchanga also sought to assuage worries that the adoption of the African Continental Free Trade Area (AfCFTA) could threaten the extension of AGOA, noting that the combination of the two trade deals would yield greater benefits. Furthermore, BusinessDay reported that African Trade Ministers are pushing for the eligibility reviews of the AGOA to be conducted every three years rather than annually after three nations (Uganda, Niger, Gabon, and the Central African Republic) were kicked out of the pact.
  • South Africa's S&P Global PMI deteriorated to 48.9 in October after a virtually neutral reading of 49.9 in September. S&P's David Owen commented that "business activity declined at the fastest rate since May, as fuel prices reportedly hit client orders and restrained output". In addition, "output charges continued to rise at an above-average rate, signalling that consumer prices will continue to rise rapidly as firms pass on previously-absorbed cost burdens".
  • Moody's said that South Africa's MTBPS was in line with expectations and does not change the agency's already cautious assessment and the stable outlook for the country's credit rating.
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