Trade is critically important to economic development. Right now, Africa has about 2 percent of all world trade, which is hard to believe when you think about all of the tremendous resources that they have - oil, diamonds, gold ... not to mention all the agricultural products such as coffee, tea, cocoa - and to think that Africa still only has 2 percent of world trade is really incredible. But the power of trade is that if the Africans were able to increase their share of world trade from 2 to 3 percent, that 1 percentage increase would actually generate about $70 billion of additional income annually for Africa," or about three times the total development assistance Africa gets from the entire world, Liser said.

Many countries in Asia and Latin America, don't have even one smidgen of Africa's natural resources - a country like South Korea, for example - yet they are huge players in the global trading system. This is why having AGOA as one initiative aimed at expanding the U.S. aspect of economic relationship with the Africans, is so important.

United States needs to work with the countries of sub-Saharan Africa in many areas so they can take full advantage of both AGOA and worldwide trading opportunities and send exports to emerging markets such as China, India and Brazil.

And Africans must begin trading more with each other. "Africans trade the least with each other than all the other continents. It is improving. There are a greater increase in intra-African trade, the reason that that is important is that you are unlikely to be competitive globally if you are not competitive regionally. So until Africans open their borders with each other and trade with each other, you are not going to get the level of competition that will allow them to be major providers of any product globally."

For that reason, the United States strongly encourages all African countries to develop an "AGOA strategy" based on export promotion and competiveness,

"You look at the products you have, and you determine the three or four particular products or sectors [where] you have a comparative advantage.

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