Seen as a traitor in CEMAC sub-region:

Yaounde puts up weak, unconvincing defense of EPAs with EU

By Rachel NtubeNgwese in Yaounde

IssaTchiroma

Negotiations for  favorable terms of trade for Cameroon in the global market has finally been resolved with the signing of the economic partnership agreement (EPA) between Cameroon and the European union to enable local products to access the European markets custom free. After the creation of the world trade organization which eliminated preferential trade relationship between specific countries, economic partnership agreement were introduced by western countries to enable developing countries who wish to establish specific terms of trade with the European union and other economic groupings such as the American growth and opportunity act(AGOA) to negotiate a partnership agreement.

                Cameroon entered the negotiation phase way back in 2008 and after the Lome conventions and the Cotonou accord, developing countries were advised to get into the EPA through regional groupings owing to the strength of the European market and the fragility of individual African economies.

                Just like other regional groupings such as SADC and ECOWAS, Cameroon and the other countries in the CEMAC sub region were expected to unanimously negotiate the EPA to put the CEMAC market in direct competitive terms with the European market. This notwithstanding, the head of state after judging the huge benefits Cameroon stands to gain from the big European and American markets, decided to engage Cameroons signature into a partnership agreement with the European Union.

                What benefits and risk await Cameroon with entry into force of the EPA?

                To create public awareness and mobilize the country’s economic actors to stand a better chance of reaping greater benefits from the new trade ties and institute suitable measures to mitigate future shocks, the heads of four ministerial departments concerned with the accord notably the ministries of small and medium size enterprises, trade, economy and planning and the minister of communication met in a press conference last Friday in Yaoundé with the national and international media.

                According to the ministers presentation, the terms of trade are most favorable to Cameroon given that the country’s export are not entitled to any restriction quota were as imports from the European union will not exceed 80 percent of total trade products including agricultural pharmaceutical and other finished products. This means that Cameroon still reserves 20percent of European imports.

                Equally, Cameroon still benefits free custom duties from imported machineries and other industrial imports to facilitate her industrialization process increase and improve added value to products before exportation thus making Cameroonian products more competitive in the world market. Considering the numerous advantages involve, the minister of commerce Luc MagloireMbargaAtangana said the EPA is a veritable opportunity for Cameroon to attain emergence through effective industrialization.

                To the minister of small and medium size enterprises Laurent Serge EtoundiNgoa, an adaptation plan to re-enforce the capacities of home industries is already in the pipeline and will require the collaboration of public, private and foreign investors.