Economic agreement with EU to be a major pitfall
25
Mar '08
Mar '08
Cameroon signed an economic partnership agreement with the European Union on December 17, 2007 and experts have regarded it as one of the major follies on part of the Government.
The agreement that will span over a period of 15 years, encloses a tariff-free trade between Cameroon and the European Union.
A large number of civil society organizations protested against this agreement on grounds that Cameroon was too feeble to compete with the European Union markets.
According to experts, Cameroon is likely to loose CFA1,036 billion of customs revenue in the given period of 15 years.
Member countries of the Central African Monetary Community, (CEMAC) were determined to talk terms with the EU, however, Cameroon chose to single-handedly enter into the agreement.
This step is regarded an unforgettable economic blunder made by the Biya Government. Experts fear that while EU will flood the Cameroonian market with its goods, the latter will fail to do the same.
The country exports petroleum oils, oils, cotton and a number of other agricultural products. However, holding agriculture as its main sector, the country may not be able to meet the requirements of mass production which is crucial for withstanding international competition.
Already its agricultural production is weakening and to add to this, farmers still face problem like inadequate farm to market roads. Additionally, Cameroon exporters may also have to abide by a range of EU regulations that would ensure to keep them out of business.
The agreement that will span over a period of 15 years, encloses a tariff-free trade between Cameroon and the European Union.
A large number of civil society organizations protested against this agreement on grounds that Cameroon was too feeble to compete with the European Union markets.
According to experts, Cameroon is likely to loose CFA1,036 billion of customs revenue in the given period of 15 years.
Member countries of the Central African Monetary Community, (CEMAC) were determined to talk terms with the EU, however, Cameroon chose to single-handedly enter into the agreement.
This step is regarded an unforgettable economic blunder made by the Biya Government. Experts fear that while EU will flood the Cameroonian market with its goods, the latter will fail to do the same.
The country exports petroleum oils, oils, cotton and a number of other agricultural products. However, holding agriculture as its main sector, the country may not be able to meet the requirements of mass production which is crucial for withstanding international competition.
Already its agricultural production is weakening and to add to this, farmers still face problem like inadequate farm to market roads. Additionally, Cameroon exporters may also have to abide by a range of EU regulations that would ensure to keep them out of business.
Must ReadView All
Apparel/Garments | On 17th Dec 2018
India should consider 100% FDI in multi-brand retail: CII
The Indian Government should consider permitting 100 per cent foreign ...
Textiles | On 17th Dec 2018
Texhong Textile acquires Winnitex for HK$1350 mn
Texhong Textile Group, one of world’s largest core spun yarn...
Apparel/Garments | On 17th Dec 2018
Ascena Retail posts net sales of $1,592 mn in Q1 FY2019
Ascena Retail Group Inc, the largest specialty retailer for women and ...
Interviews View All
Viral Desai
Zenitex Mill Pvt Ltd
Full of green energy
Sanjay Desai & Ashish Mulani
True Colors
Digital textile printing will be the technology of the future
Ghanshyam Ghoghari
Kimora Fashion
Bridalwear is not about reds and whites anymore
Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...
Fynd is the central online shopping destination for fashion, offering...
Conceived in Europe and curated in New Delhi, NeceSera is a...
Larry L Kinn
Suominen Corporation
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Kerem Durdag
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Kai Poehler
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Robert Brunner
Devereux
Golfwear and menswear brand Devereux is set for greener pastures. Robert...
Igor Chapurin
Chapurin
"Now we can see the Russian trend in international fashion. And Russian...
Cigdem Akin
Cigdem Akin
She has carved a niche for herself as the national brand of Turkey. Her...
Leave your Comments
Recommended
Want to know what happened in the textile world this week? Watch now!
news category
Related Categories:
