WATCH: Cameroon concludes five-year strategy that will benefit from free trade agreement
CAMEROON is concluding a five-year strategy that will permit the country benefit from the African Continental Free Trade Area (AfCFTA), the country's Ministry of Economy, Planning and Regional Development said on Friday.
The draft strategy has been tabled by the ministry with the technical support of experts of the UN Economic Commission for Africa (ECA) according to Paul Tasong, Minister Delegate in the Ministry of Economy, Planning and Regional Development.
"It is indeed important that Cameroon equips itself with operational instruments that would enable our country not only to prepare to make the most of the opportunities offered by this vast continental market but also to reduce associated risks by providing adequate mitigation measures," Tasong said during the reviewing process of the strategy document.
The draft document identifies productive segments notably in agribusiness in which Cameroon has comparative advantages to benefit from the promising 1.2 billion people and over 2.5 trillion US dollar market created by the AfCFTA, ECA said in a statement at the end of the session. "Cameroon's accession to this new market must contribute to the creation of trade rather than a diversion of trade.
More specifically, it must contribute to a significant increase in Cameroon's exports to the rest of Africa. The new market must also enable Cameroon to obtain better supplies of inputs and factors of production necessary for its economy," said Antonio Pedro, director of ECA's Subregional Office for Central Africa Cameroon and other African countries party to the AfCFTA Agreement are committing to eliminate tariffs on 90% of the goods they produce destined for other African markets.
In this context, intra-African trade is likely to increase by 52.3 percent by 2040 and attract to Cameroon, a large flow of investments and opportunities, with a consolidated and well implemented strategy, ECA's statement added.