The United States closes a million-dollar deal with South African table grapes

Published Jul 3, 2024

Tridge summary

Prosper Africa, a U.S. initiative, has secured a $56 million trade agreement with the U.S. Africa Trade Desk (USATD) for the purchase of 700 containers of South African table grapes. This deal, facilitated by EAS Advisors and Scipion Capital, aims to stabilize product prices for U.S. consumers during the slow production season by providing stable purchase prices to African producers. The transactions will occur from November 2024 to April 2025. The USATD, a joint venture between Prosper Africa and Afritex Ventures, will handle the entire process, serving as a link between U.S. retailers and African suppliers. This agreement is seen as a way to leverage the benefits of the African Growth and Opportunity Act (AGOA) for African producers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prosper Africa, a presidential-level initiative that aims to strengthen the strategic and economic partnership between the United States and Africa, announced the first trade agreement between the North American country and the U.S. Africa Trade Desk (USATD) worth $56 million, for 700 containers of table grapes grown in South Africa. The USATD is a joint venture between Prosper Africa and Afritex Ventures, whose mission is to bridge the gap between African agricultural suppliers and American buyers. This transaction will reportedly help U.S. retailers keep product prices stable for consumers during the U.S. slow production season, when raw material prices rise 35%. The deal, funded with a trading facility structured by EAS Advisors and Scipion Capital, increases value for African producers by providing firm purchase prices and eliminating market volatility. Shipments will begin the first week of November 2024 and continue through April 2025, filling gaps in the US season. USATD ...

Source: MXfruit