Imports/Exports: Experts Seek To Finalise Trade Strategy
By Victorine BIY, Cameroon Tribune
Cameroon’s
balance of trade with the European Union is lopsided. Experts say the
country’s exports are below expectation. The unfavourable situation is
coming at a time when much is expected from the country as per the
Economic Partnership Agreement. Figures from the Ministry of the
Economy, Planning and Regional Development reveal that Cameroon,
witnessed a deficit in balance of trade by 1.2 per cent of Gross
Domestic Product in 2014 as against 0.7 per cent in 2013. The situation
is blamed on the drop by 17.6 per cent of non-oil products, an increase
of imports of goods and equipment for infrastructure projects as well as
foodstuff to bridge local production.
It is in this light that government and
its partners are accelerating plans to put in place a national strategy
on imports and exports. The EU funded and supported project is intended
to boost the private sector with focus on reforming the country’s
economy. A meeting to this effect held on July 16, 2015, in Yaounde with
the Secretary General at the Ministry of the Economy, Planning and
Regional Development, Gilbert Didier Edoa, chairing. He regretted the
persistent shortfall in the country’s balance of trade with its
partners, saying the putting in place of the national strategy could
help matters.
The strategy will provide opportunities
for the country to export quality products and Cameroon can only benefit
from it once it is fully implemented, stressed the European Union
Ambassador to Cameroon, Françoise Collet. It is only after respecting
the recommendations of the scheme that Cameroon will fully benefit from
the Economic Partnership Agreement, she said.
The approach will serve as a motivation
for business persons. “We have our backs on the wall and the only option
is to forge ahead and put a strong structure in terms of exports as we
face the reality of our economy,” said Lucien Ntamag Mahop, expert at
the meeting. He explained that the facilities of the paper hinge on
enforcing the country’s industrialisation drive with stress on sectors
like agriculture. Cameroon and other countries of the region are now
expected to face the challenge. Experts say it is a progressive
partnership and tides will change in two years if all the structures the
strategy recommends are implemented.
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