Infos Business of Tuesday, 29 July 2014

Source: AFP

EU freely opens its markets to Cameroon products

The EU will freely open its markets early August for products from Cameroon within the framework of an agreement of economic partnership, the European Commission announced on Monday.

"The agreement of economic partnership with Cameroon opens a new era in the relations between EU and Central Africa States," the Commissioner for trade, Karel De Gucht said in a statement.

The agreement provides "tariff, quota-free and duty-free access to the EU market" for exports from Cameroon, said the European Commission.

Meanwhile, "Cameroon will gradually open its market to European exports during the transitional period stipulated for 2023," adds the Brussels Executive.

"This opening will be with the exception of a number of products to ensure the protection of its agricultural and industrial markets that it considers sensitive," says the Commission.

The agreement was concluded in 2007, signed by the EU and Cameroon in January 2009, approved by the European Parliament in 2013 and ratified by Cameroon on 25 July. Implementation starts on 4 August, says the European Commission.

"This agreement is open to other countries in the region (Gabon, Equatorial Guinea, Central African Republic, the Republic of Congo, Democratic Republic of Congo, Sao Tome and Principe, and Chad) who would like to join," assured the European Commission.