[Weekly Compilation of Presidential Documents Volume 33, Number 52 (Monday, December 29, 1997)]
[Pages 2105-2106]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

[[Page 2106]]

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 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.