Free Trade Agreement Of Cameroon

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It should also be noted that Cameroon also has trade agreements with countries such as Tunisia, Nigeria and China. “The ratification of AfCFTA in Nigeria is a positive development, but the country`s commitment to intra-African trade should also be reflected in the reopening of its land borders,” said Landry Signé, senior fellow at the Brookings Institution. “The reopening of the borders will send a strong signal to Nigeria`s intentions… “to boost intra-African trade.” Following Cameroon`s signing of the AfCFTA agreement, on 21 it became clear that the country was in a position to take the time and contribute to the emergence of credible regional value chains and intra-African trade in consumer goods, consumer goods and consumer goods as well as quality services. , as the Court of Sions constantly recommends. The Republic of Cameroon is classified as a low-middle-income country in Central Africa. Cameroon ranked 118th out of 132 countries in the World Economic Forum (WEF) Enabling Trade Index (2012), which measures institutions, policies and services to facilitate trade in countries. With a naturally advantageous situation in the heart of Africa, Cameroon has established itself as a regional centre for trade in goods and services. Agriculture, manufacturing and services remain critical to the health of Cameroon`s economy, but GDP growth has been limited in recent years due to energy supply capacity. The country`s export range is still part of a small group of primary products, in particular; agricultural and forestry products. Since 2007, exports have increased due to unrelenting supply-and-supply constraints, such as poor energy, communication, water and transport infrastructure, as well as a generally unfavourable business climate (WTO 2013).

Cameroon is a founding member of the WTO and, in addition, a member of the main regional economic communities, the Economic and Monetary Community of Central Africa (CEMAC) and the Economic Community of Central African States (ECCAS). Cameroon, as a member of the CEMAC customs union, adopts CEMAC`s Common Customs Act (CET) and its average average MFN rate was 18.1% in 2013. Despite the establishment of the free trade area between CEMAC countries, the overall level of intra-EU trade has remained low; Remote trade distortions and many non-tariff barriers in the region, such as cargo overload, random checkpoints along corridors and highways that remain in poor condition. However, Cameroon is the only country among the seven Central African states to have signed an Interim Economic Partnership Agreement (EPA) with the EU and Cameroon enjoys preferential access to EU markets. The government is giving trade integration a leading role in its “Vision 2035” strategy, which is to transform Cameroon into an “emerging economy.” This includes further integration with Nigeria and within the ECCAS, but the Government recognizes that improvements in market access and cross-border trade are needed to achieve these ambitious goals. In order to boost trade in Cameroon, the government is proposing in 2013 a number of political incentives for foreign companies, such as. B fiscal, customs and administrative rationalization, in order to improve transparency and further market liberalisation. (WTO 2013; European Commission 2013; ADB 2011).

With its entry into force, AfCFTA intends to create an internal market for goods and services in Africa.