According to Madagascar’s “Express” report, on June 26, 2014, on the occasion of the 54th anniversary of Madagascar’s independence, U.S. President Obama announced the restoration of Madagascar’s status as a beneficiary country of the African Growth and Opportunity Act (AGOA). Madagascar will be invited to attend the US-Africa Summit and the “African Growth and Opportunity Act” forum to be held in Washington on August 5-6, 2014.
After the Madagascar regime came to power unconstitutionally in 2009, the United States imposed economic sanctions on Madagascar and removed Madagascar from the list of countries that benefited from AGOA preferential treatment. Madagascar’s textiles, clothing and other products exported to the United States can no longer enjoy “zero tariffs or zero tariffs”. “Quota restrictions” preferential terms have led to the closure of more than 100 duty-free textile companies that rely on the US market, and hundreds of thousands of people have lost their jobs.
