    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book II)]
    [December 23, 1997]
    [Pages 1824-1825]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1824]]

    Letter to Congressional Leaders Transmitting a Report on the
    Comprehensive Trade and Development Policy for Africa
    December 23, 1997

    Dear Mr. __________:
        I am pleased to submit the third of five annual reports on the
    Administration's Comprehensive Trade and Development Policy for Africa
    as required by section 134 of the Uruguay Round Agreements Act. This
    year marks a watershed in our economic and trade relations with the
    countries of Africa.
        On June 17, I announced a new strategy to promote economic growth
    and opportunity in Africa. The Partnership for Growth and Opportunity in
    Africa opens the door to real, positive change, as only nations carrying
    out serious reforms will reap the full benefits. Those that strengthen
    their democracies, reform their trade regimes, and invest in their
    people will see their efforts pay off in increased trade that will
    create new jobs, increase wages, spur growth, and improve the quality of
    life for their people. Also this year the United States Congress has had
    before it the African Growth and Opportunity Act. This legislation and
    our initiative constitute a collective American effort to help fulfill
    the promise of a stable, prosperous, and democratic Africa. I urge the
    Congress to pass quickly the African Growth and Opportunity Act.
        Our goal remains the achievement of sustained economic development
    for Africa and we continue to be guided by the conviction that economic
    development in Sub-Saharan Africa will benefit both Africans and
    Americans. African countries continue to make progress toward political
    and economic reform, but this progress is fragile and must be supported.
        The Administration's Partnership for Growth and Opportunity in
    Africa has five key elements. First, we intend to provide increased
    access to our markets for African exports. The most committed African
    reformers will receive the greatest access. In the future, the United
    States will be prepared to negotiate free trade agreements with these
    countries. Congressional action is particularly important if we are to
    implement successfully these elements of the Partnership. This report
    discusses the steps we are currently taking to ensure improved access
    for African and American products in our respective markets and to bring
    about increased mutually beneficial trade.
        Second, we will increase technical assistance to enable African
    countries to take the fullest advantage of these new programs. This
    report discusses the ways that we are assisting African countries to
    undertake reforms that will enable them to grow through increased trade
    and investment.
        Third, we are working to increase private investment in Sub-Saharan
    Africa. Through the Overseas Private Investment Corporation (OPIC), we
    have created a new $150 million equity fund to finance increased private
    investment, and will create funds up to $500 million for infrastructure
    investment. We also are undertaking an initiative to strengthen the
    transportation infrastructure in Africa.
        Fourth, we will work to eliminate bilateral debt for the poorest of
    the reforming nations, and maintain our leadership in the effort to
    reduce their debts to the multilateral institutions. This report
    highlights the progress we have made working with our Economic Summit
    Partners and with the international financial institutions to ensure
    that we have a coordinated approach to reducing African debt and its
    adverse impacts on African economic reform and development.
        Fifth, the United States will hold annual economic meetings at the
    ministerial level with all reforming African nations. In the last 6
    months we have held more discussion with African leaders on trade and
    investment matters than ever before, and we expect this dialogue will
    intensify in the future.
        The Administration will continue working with the Congress, the U.S.
    private sector, the countries of Africa, and our trading partners, to
    implement policies that promote reforms and result in increased trade,
    investment, and development in Africa.
            Sincerely,

                                                          William J. Clinton

    Note: Identical letters were sent to Jesse Helms, chairman, and Joseph
    R. Biden, Jr., ranking member, Senate Committee on Foreign Relations;
    Bill

    [[Page 1825]]

    Archer, chairman, and Charles B. Rangel, ranking member, House Committee
    on Ways and Means; William Roth, chairman, and Daniel Patrick Moynihan,
    ranking member, Senate Committee on Finance; Benjamin A. Gilman,
    chairman, and Lee H. Hamilton, ranking member, House Committee on
    International Relations.