African Continental Free Trade Area: Discussions in high gear in Yaoundé

Experts from the United Nations Economic Commission for Africa, UNECA and Cameroon are discussing the steps for the enforcement of the African continental Free Trade Area.

The discussions are taking place at a two day conference that was opened this Tuesday, 16th April 2019 in Yaounde.

The conference was opened by the Minister of Trade, Luc Magloire Mbarga Atangana who said Cameroon is on course towards the ratification of the agreement.

He said Cameroon was amongst the first 47 countries that signed the agreement and Cameroon participated actively in shaping the terms of reference for the free trade area.

The continental free Trade Area is a flagship project of Agenda approved by the African Union Summit as an initiative to provide socioeconomic development.

The project opens domestics markets to an African Market of 1.2 billion and a gross Domestic Product (GDP) of 2.5 trillion dollars across all 55 member countries of the African Union.

The agreement which has already been ratified by 22 African countries is expected facilitate inter Africa trade making it easier for businesses to blossom on the continent.

It will also boost the production and commercialisation of semi finished and manufactured goods from the continent.

The agreement establishing the African Continental Free Trade Area has four major components which include:

  • Protocol of Trade in Goods: it introduces the elimination of duties and quantities restrictions on imports, elimination of tariff barriers, trade facilitation, cooperation over product standards and technical assistance.
  • Protocol on Trade in Service : transparency in service regulation, mutual recognition of standards, licensing, certification of service suppliers and progressive liberalisation
  • Protocol on dispute settlement : To be agreed on
  • Phase 2 negotiations: Intellectual property rights, investments, competition policies

The Yaounde conference will permit participants elaborate modalities of liberalisation of goods prior to the official entering into force of the African Continental Free Trade Area probably during the African Union Summit in July 2019 in Niamey, Niger.

The conference is jointly organised by the UNECA, the Ministry of Trade and that of the Economy, Planning and Regional Development.

 Elvis Teke

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