May 18,2004

Outlook for Africa Growth and Opportunity Act

Prepared Remarks of Senator Chuck Grassley
Event with Sen. Lugar, Bono of U2 on the Africa Growth and Opportunity Act
Tuesday, May 18, 2004

Thank you, Chairman Lugar. And thank you, Bono. As chairman of the Finance Committee,I strongly support extending the Africa Growth and Opportunity Act. In three short years, AGOAhas made a difference. Investment in Africa is up. And trade from Africa is up. Because of AGOA,many African families can now feed their children. For the first time, there’s a new sense of hopein many countries.

But I don’t think we’ve reaped the full benefits of the program. There’s more we can do. Icommend my colleagues who have taken the initiative to introduce broad renewal legislation thisyear. I support their efforts. Current uncertainty surrounding the program can lead to investmentflight from Africa to other parts of the world, most notably Asia. I don’t want to see that happen.

In a perfect world, we’d be able to move comprehensive AGOA legislation before the Augustrecess. But as recent history shows, nothing is perfect in the Senate. I’m afraid a broad bill – whichI’d like to see – will get bogged down in partisan politics. Still, I hope my colleagues will work withme in a bipartisan way, at a minimum to move legislation renewing the expiring provisions of theprogram this year. We can’t afford to wait.