Bob Menendez: “Mr. Chairman, the winds of change are blowing in Africa. From the end of apartheid in South Africa to the successful…”

“Mr. Chairman, the winds of change are blowing in Africa. From the end of apartheid in South Africa to the successful democratic transition of power in Botswana, tremendous economic growth in Uganda, infrastructure improvements in Ghana, the privatization of formerly state-owned industries in Mozambique, and growing stock markets in Zimbabwe and Ghana, African nations are taking the requisite steps to shed Africa's media image of poverty and conflict and recast Africa as a new frontier for investors. Today, a majority of sub-Saharan Africa's 48 countries have adopted market-oriented economic and political reforms, including open markets, privatizing industries, stabilizing their currencies, and simply making their countries more investor friendly. As President Clinton noted, there really is a dynamic new Africa out there. African nations are looking to enhance trade, not aid, to foster their economic development and political stability. While trade cannot supplant aid entirely, at least not yet, trade is a missing link in the final leg of U.S. policy towards the continent. The Africa Growth and Opportunity Act is America's response to positive changes in Africa, and it seeks to harness Africa's potential in a manner which benefits Africans and Americans. Africa is already an important trading partner for the United States. Our exports to Africa have grown 14 percent over the last 2 years and are now more than $6 billion annually.”