Page:United States Statutes at Large Volume 118.djvu/850

 118 STAT. 820 PUBLIC LAW 108–274—JULY 13, 2004 Public Law 108–274 108th Congress An Act To extend and modify the trade benefits under the African Growth and Opportunity Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘AGOA Acceleration Act of 2004’’. SEC. 2. FINDINGS. The Congress finds the following: (1) The African Growth and Opportunity Act (in this section and section 3 referred to as ‘‘the Act’’) has helped to spur economic growth and bolster economic reforms in the countries of sub Saharan Africa and has fostered stronger economic ties between the countries of sub Saharan Africa and the United States; as a result, exports from the United States to sub Saharan Africa reached record levels after the enactment of the Act, while exports from sub Saharan Africa to the United States have increased considerably. (2) The Act’s eligibility requirements have reinforced demo cratic values and the rule of law, and have strengthened adher ence to internationally recognized worker rights in eligible sub Saharan African countries. (3) The Act has helped to bring about substantial increases in foreign investment in sub Saharan Africa, especially in the textile and apparel sectors, where tens of thousands of new jobs have been created. (4) As a result of the Agreement on Textiles and Apparel of the World Trade Organization, under which quotas main tained by WTO member countries on textile and apparel prod ucts end on January 1, 2005, sub Saharan Africa’s textile and apparel industry will be severely challenged by countries whose industries are more developed and have greater capacity, econo mies of scale, and better infrastructure. (5) The underdeveloped physical and financial infrastruc ture in sub Saharan Africa continues to discourage investment in the region. (6) Regional integration establishes a foundation on which sub Saharan African countries can coordinate and pursue poli cies grounded in African interests and history to achieve sustainable development. (7) Expanded trade because of the Act has improved funda mental economic conditions within sub Saharan Africa. The Act has helped to create jobs in the poorest region of the 19 USC 3701 note. AGOA Acceleration Act of 2004. 19 USC 3701 note. July 13, 2004 [H.R. 4103]

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