I am pleased to be with you to discuss the Clinton Administration's policy in Africa. Let me begin by noting that today, in the wake of the Cold War, Africa stands at a crossroads. The opportunities and challenges before the African people stand in stark relief. There is now more reason for optimism about Africa's future than at any time since the wave of independence over 30 years ago. While conflicts, coups, and corruption persist in some quarters, the larger story is that of a wave of change rolling across the African Continent.
Democracy is ascendent as many African countries undertake significant political reforms.
While the democratization process has not been as far-reaching as it could be and there have been setbacks, some 25 African states now enjoy a democratic form of government. Economic growth is also increasing as those nations liberalizing their economies begin to reap the benefits of free markets and economic reform. And this was the second consecutive year that growth in U.S. trade with Sub-Saharan Africa has outpaced the growth in U.S. global trade. Africa's recent economic growth owes as much to the resourcefulness of its people as to its natural wealth. As economic reforms take hold, African nations are gradually becoming players in the global trading system, creating new opportunities for American business.