By U.S. Congresswoman Sheila Cherfilus-McCormick (FL-20)
As we look towards the future, Florida remains a strategic location that connects the vast markets of the Americas with the emerging economies of Africa. As more African countries embrace innovation and entrepreneurship, the continent is ripe with potential for growth and development. By leveraging Florida’s unique position, businesses can access new markets and tap into a broad range of resources and expertise.
This is a momentous period in history, as Africa has rightfully taken its place on the world stage. During my visit to Ghana last year with Vice President Kamala Harris and my recent trip to Rwanda, I had the privilege to observe firsthand the ingenuity and entrepreneurial drive of the African people.
This spirit is reflected in the economic projections for Africa:
• Africa’s population is expected to reach 2.5 billion by 2050 and 40% of the global population by 2100, leading to a $29 trillion economy.
• By 2035, Africa’s GDP is set to increase by $450 billion.
• By 2050, Africa’s combined consumer and business spending will exceed $16.12 trillion.
These numbers only reflect human potential and do not account for Africa’s vast natural resources. Africa holds 62 percent of the world’s arable land and over 40 percent of the critical minerals required for our Net Zero energy objectives. The United States needs to strengthen partnerships with African nations to significantly impact the global economy. Renewing the African Growth and Opportunity Act (AGOA) for the next decade is crucial for continuous trade and investment.
The African Growth and Opportunity Act (AGOA) alone is insufficient to address the current geopolitical climate. Instead, the United States must adopt a more comprehensive approach towards Africa, emphasizing the African Continental Free Trade Area (AfCFTA) and encouraging greater engagement with the African Diaspora. The AfCFTA Agreement creates the world’s largest single market, impacting intra-African and global trade and transforming the African economy and the international trade landscape.
In recognition of this, I introduced H.R. 8249, the U.S.-Africa Strategic Trade and Investment Partnership Act of 2024 (ASTIP), to support the implementation of the AfCFTA. ASTIP creates a mutually beneficial partnership framework that will stimulate prosperity, create long-lasting jobs on both continents and, more importantly, help lift 30 million Africans out of extreme poverty. The recent developments in U.S.-Africa relations signify the beginning of a new era.
The U.S. administration has been working to strengthen the African diaspora’s role. President Biden’s Advisory Council on African Diaspora Engagement (PAC-ADE) has been established, and the US EXIM Bank and Africa Export-Import Bank have committed $500 million to enhance commercial engagement with Africa.
Expanding the scope of engagement to include the Caribbean diaspora is imperative. Notably, my home state, Florida, has a large Caribbean community. Florida is the closest U.S. state to Africa and has the infrastructure required to support trade, investment, travel, and tourism. It is incumbent upon us to capitalize on this opportunity and maximize the potential for growth and development.
As a member of the House Foreign Affairs Committee, the Congressional Black Caucus, and the Haiti Caucus, I am committed to continuing to engage in efforts to facilitate economic development, trade, investment, and tourism between the U.S., the continent of Africa, and the Caribbean, and to build stronger cultural and economic diplomacy.
Congresswoman Sheila Cherfilus-McCormick is the first Black woman to represent Florida’s 20th congressional district. She is the Chair of the Diversity & Inclusion Task Force for the Democratic Women’s Caucus, a Co-Chair of the Haiti Caucus, and serves as a member of the Congressional Black Caucus.
