Egypt's Sisi names 13 ministers in Cabinet reshuffle    CIB's Ahmed Issa becomes Egypt new Tourism and Antiquities Minister – Profile    Egypt's parliament approves Cabinet reshuffle in extraordinary session    Sisi calls for extraordinary parliament session to agree on major Cabinet reshuffle    Mayo Clinic researchers pinpoint genetic variations that might sway course of COVID-19    Gold prices in Egypt on August 11    Saudi Electricity gets $567.5 million to finance power interconnection project with Egypt    Egypt's Mersal Foundation secures UN Women loan    Egypt's Health Ministry launches Emergency scooter    Ukraine cuts off Russian oil from 3 countries    Egypt, South Korea to perform Pyramids Air Show 2022 Today    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Egypt: Alamein Art Festival kicks off a collection of recycled installations    John Legend enjoys family trip in Egypt    Sisi: Egypt wants to join BRICS    Egypt: street photography will no longer require permits    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Noura Al-Mutair – first Gulf female boxer in World Championships    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cameroon ratifies EU trade deal but suspicions remain
Published in Daily News Egypt on 10 - 08 - 2016

Cameroon has accepted an Economic Partnership Agreement (EPA) with the European Union on the dismantling of customs barriers, even though it told members of a regional bloc it would hold out for a better deal.
Cameroon's decision to accept an Economic Partnership Agreement (EPA) with the European Union puts it at loggerheads with the five other members of Central African Economic and Monentary Community (CEMAC), which are Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon.
A week ago, CEMAC leaders met in Malabo, capital of Equatorial Guinea, and the consensus was that they would only sign an agreement that was fair and balanced. But on August 4, Cameroon reneged on the deal and ratified its existing draft EPA.
Civil society activist Jean Paul Fouda told university students in Yaounde that "Cameroon is a shameless state in Central Africa, since it has betrayed other nations."
He said Cameroon earns 600 billion CFA francs ($1 billion, 895 million euros) in customs duties every year and "President Paul Biya is asking us not to collect the revenue from the Europeans? Let's be serious," Fouda added.
Lawmaker Njong Evaristus told DW that Cameroon's budget depends on customs duties and the country was at disadvantage compared to the EU. "We don't have developed industries that are up to a level that they can compete with industries in Europe," he said. A trade imbalance was more or less inevitable. "We are a country that is dealing with agricultural products and the rest and they are dealing with goods that are already finalized goods."
Tabe Nkongho, an economist at the University of Buea, is suspicious of the EPA. If it really is going to benefit Africa and Cameroon, as its supporters claim, why then do they feel the need to push so hard for its adoption. Nkongho believes the EPA is a drive in favor of the "capitalist mode of production which benefits the capitalist states but not the peripheral states in the world economy."
Deadline postponed
African countries were given until October 2014 to ratify EPAs, otherwise the preferential treatment their exports were already receiving on European markets would be suspended. Emmanuel Nganou Ndjoumessi, a former economy minister and now minister of works, was on the negotiating team that secured an extension of the deadline until August 1, 2016. He said Cameroon ratified the agreement in order to continue selling its goods without paying customs duties.
"We have been selling to the European Union without paying customs duties and, as a consequence, we could easily sell our bananas, chocolates, beans and so on," Ndjoumessi said.
Francoise Collet, head of the EU delegation to Cameroon, said she was urging other central African states to ratify their EPAs as well. They could help protect their poor populations by liberalizing their economies. One of the goals of the EPAs was to encourage African, Caribbean and Pacific (ACP) countries to negotiate with the EU in regional groupings rather than individually.
"It will be a safer environment for trade, for expanding trade between our regions and also within regions, that's one of our hopes. It's not only a trade agreement, it's a development agreement."
Critics doubt that EPAs are the solution to Africa's economic problems, believing instead that they subjugate ACP economies to the needs of European capital.


Clic here to read the story from its source.