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CIAO DATE: 03/02
Volume 4, Number 3, August 1999
Preface
When President Clinton announced the Partnership for Economic Growth and Opportunity in Africa just over two years ago, he spoke of a new era dawning in the states of sub-Saharan Africa where democracy and free markets are becoming the driving force.
The United States, to the extent possible, should assist this transformation by helping to integrate Africa's nascent free market democracies into the global economy, Clinton said.
"An Africa that is gaining vitality while technology, trade, communications, and travel are bringing millions into the global economy is a continent of greater stability, growing markets, stronger partners," the president said.
Clinton's partnership initiative has five key elements: further opening U.S. markets to African products, increasing technical assistance to Africa, encouraging more investment in Africa, reducing the debt burdens of the poorest reforming countries, and holding annual high-level meetings between African and U.S. officials. "Our initiative opens the door to real, positive change," said Clinton. But, he added, only the African countries "carrying out serious reforms will reap the full benefits."
This issue of Economic Perspectives examines the progress to date of the Partnership for Economic Growth and Opportunity in Africa.