A shipment of resin from Tunisia arrived at the Kribi deep-water port on July 3, 2023, marking the beginning of Cameroon's implementation of the African Continental Free Trade Area (AfCFTA). This import is part of the testing phase of the AfCFTA, which aims to promote trade among African countries by reducing tariffs on traded goods. The cargo was imported under the AfCFTA regime, signifying the start of tariff dismantling on products allowed under the agreement.
The AfCFTA is an initiative that seeks to boost intra-African trade by creating a single market for goods and services. Cameroon, along with seven other countries, including Ghana, Rwanda, Kenya, Mauritius, Egypt, Tanzania, and Tunisia, was selected for the experimental phase. The agreement involves a tariff reduction plan, where member states have committed to reducing duties on 90% of traded goods over five years for non-least developed countries and ten years for least developed countries.
Under the AfCFTA, products such as ceramic tiles, batteries, tea, coffee, processed meat products, corn starch, sugar, pasta, glucose syrup, dried fruits, and sisal fiber are among those eligible for trade. A dismantling scheme was established by African countries, with member states committed to eliminating tariffs on 90% of traded goods over a set period. The agreement also allows for the protection of sensitive products, with 7% of products considered sensitive to be liberalized in 13 years for least developed countries and 10 years for others.
The African Central region submitted a list of 5,838 tariff lines to the African Union for the three groups. The main group comprises 5,255 tariff lines, accounting for 90.01% of the list. The second group totals 408 lines. Cameroon and other participating countries are expected to benefit from increased trade and economic integration through the AfCFTA.
The implementation of the AfCFTA in Cameroon and other pilot countries is a significant step towards achieving the agreement's objectives. The reduction of tariffs on traded goods is expected to increase competitiveness, stimulate economic growth, and create jobs. The AfCFTA has the potential to transform the African economy by creating a large, integrated market.
The arrival of the resin shipment from Tunisia marks a milestone in Cameroon's participation in the AfCFTA. The country's businesses are expected to benefit from increased access to new markets and reduced trade barriers. The government will need to ensure that the necessary infrastructure and regulations are in place to support the growth of trade under the AfCFTA.
The success of the AfCFTA in Cameroon and other participating countries will depend on effective implementation and enforcement of the agreement. The government, private sector, and other stakeholders will need to work together to address challenges and maximize opportunities under the AfCFTA.
Key points
- The first import under the AfCFTA regime was a shipment of resin from Tunisia that arrived at the Kribi deep-water port on July 3, 2023.
