Louis Paul Motazé, Cameroon's Minister for the Economy, Planning and Land Settlement and Peter Thompson Director of Development and EPAs in DG Trade at the European Commission signed the agreement in the Cameroonian capital Yaoundé.
The agreement combines the benefits of a trade agreement with development assistance targeted at accelerating growth and development in Cameroon. The final goal remains to conclude a full EPA with all the members of the Central African region that will promote competitiveness, growth and investment while accelerating regional integration.
EU Trade Commissioner Catherine Ashton said: “I am strongly committed to pursuing and concluding regional negotiations in Central Africa and this agreement should be seen as a milestone on the path to the successful conclusion of a regional Economic Partnership Agreement with Central Africa.”
EU Development Commissioner Louis Michel said: “Economic Partnership Agreements encourage developing countries to benefit from global trade, while maintaining a certain level of protection for some of their key interests. I trust that this agreement with Cameroon will pave the way for the regional integration sought after by Central African countries. It has a very strong development element that will support the implementation of reforms necessary for this regional integration.”
The stepping stone or ‘interim' EPA gives Cameroon duty free quota free access to the EU market, with only an asymmetric and gradual opening of its own economy. Cameroon has excluded a number of agricultural and manufactured goods from liberalisation, and will liberalise 80% of imports from the EU over a period of 15 years.
The agreement also includes commitments by the EC and its Member States to assist Cameroon to improve its competitiveness as well as measures to help exporters to meet EU import standards (sanitary and phyto-sanitary (SPS) measures). Also included is co-operation on more efficient customs procedures, as well as on fiscal adjustment to ensure that removal of tariffs does not destabilise the country's public finances.
