Government of Cameroon formally ratifies the AfCFTADecember 18, 2020
This month, CWEIC Strategic Partner, the Government of Cameroon, has joined the list of countries to formally ratify the AfCFTA – African Continental Free Trade Area agreement, which will come into effect on January 1.
The AfCFTA will create the world’s largest freetrade area, uniting more than 1.2 billion people in a $2.5 trillion economic bloc. The agreement will bring a new era of development, with potential to generate benefits through trade creation, productive employment and povertyreduction.
Cameroon and other African countries party to the AfCFTA are committed to eliminating tariffs on 90% of the goods they produce destined for other African markets. In this context, intra-African trade is likely to increase by 52% by 2040 attracting a large flow of investments and opportunities to Cameroon.
Agriculture is the main pillar of Cameroon’s economy. It accounts for 43 % of GDP with the main agricultural products being plantains, cocoa beans, taro, bananas, maize, fresh vegetables and groundnuts.