• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Kenya Sets up Online Platform for Women Traders
    Access Bank Zambia decided to coalesce with African Banking Corporation
    Economic and Monetary Community of Central Africa (CEMAC) agreed on to quit in using the Franc CFA (FCFA)
    $12 Billion Environment Financing Center – The Green Climate Fund permitted to earn African Equity Financial Investment to overcome the Impact of a Warming World
    President Samia Suluhu Hassan of Tanzania Inaugurated an Agriculture Program hoped at Committing the Youth to Large-Scale Agribusiness
    New Era for Equatorial Guinea and Cameroon, Signing  Bilateral Agreement through Cross-Border Cooperation
    South Africa and Stellantis has Greeted a Pact to Develop a Unique Automobile Manufacturing Facility
    Dr. Akinwumi Adesina AfDB’s President maintains it is time to Develop Youth-Based Wealth to Bolster a Better Comprehensive Nigerian Economy
    Abidjan to host on March 17th 2023 the 8th Session of the Steering Committee for the Construction Project of a Motorway between Abidjan and Lagos
    Rwanda’s President Paul Kagame and the President of the World Football Association(FIFA) launched the Kigali Pelé Stadium which is changing the name from Kigali Regional Stadium In Nyamirambo the Capital of Kigali

    The Emergence of AfCFTA, Cameroon underway to Faucet into 1.2 Billion People Africa Wide Market

    Posted On 09 Nov 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: AfCFTA

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- CAMEROON’s exhaustive plan to tap into a 1.2 billion people Africa-wide market and a more than $ 2.5 trillion continental GDP, in the arrival of the African Continental Free Trade Area (AfCFTA), will come under review from 11th -15th November, this year in back and forth sessions in Douala and Yaounde.

    Months, aftter assembling together a draft national AfCFTA strategy, authorities of the Cameroon’s Economy and Trade Ministries, officials of the UN Economic Commission for Africa (ECA), a diverse group of policy makers and experts would scrutinize the draft document and combine it for its effective implementation.

    While a consultation with the private sector in country’s main business hub – Douala will be held on 11 November, a calibrated review of the draft strategy by Government officials; industrial employers’ associations; the Chamber of Commerce, Industry, Mines and Crafts; consumer and women’s associations; international trade specialists and academics, will take place in Yaounde from 14th – 15th November, 2019.

    The strategy has been developed on the argument that it is important to adopt a logical and anticipatory approach and possess an operational plan that would aid to strip of all non tariff barriers to trade and heighten Cameroon’s benefits from the continental free trade zone.

    Developing a national AfCFTA implementation strategy is also part of the growing movement to render the Cameroonian economy more productive, competitive and suitable to variegate horizontally and vertically resulting in its greater resilience and expansion.

    The plan heralds a new dawn for the systematic processing of local commodities, but also for proud local and regional consumption.

    Trailing Cameroon’s signing of the AfCFTA agreement on 21st March, 2018 in Kigali and the acceptance of a parliamentary bill granting its Head of State to ratify it in June 2019, it has become clear that the country is in pole position to seize the moment and contribute to the emergence of credible regional value chains as well as support intra-Central African trade in intermediate, consumer and capital manufactured goods as well as high value services, as constantly advised by ECA.

    During her first official visit to Cameroon last April, ECA’s Executive Secretary, Ms. Vera Songwe noted that “the African Continental Free Trade Area Agreement is the tool that will help Africa weather the storm of a global environment that is less certain than it was before.”

    “With the AfCFTA, markets open up, demand for goods and services from other parts of the continent increase, and you have an opportunity to improve on supply” to get income that would help power the double-digit growth crucial for Cameroon to attain emergence, she had argued in a high-level exchange at the International Relations Institute of Cameroon (IRIC).

    Cameroon and other African countries party to the AfCFTA Agreement are committing to eliminate tariffs on 90% of the goods they produce destined for other African markets. In this context, intra-African trade is likely to increase by 52.3% by 2040 and attract to Cameroon, a large flow of investments and opportunities, especially for certain products, which the draft strategy has already identified as possible high-income getter across the various African sub regions.

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward to All www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

     

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

     

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Ghanaian Cocoa Farmers Loosing Farms to illegal Mining

    Next Story

    International Energy Agency Halsens Africa to lead the World’s Cleanest Economic Revolution

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Kenya Sets up Online Platform for Women Traders

    Posted On 28 Mar 2023

    Access Bank Zambia decided to coalesce with African Banking Corporation

    Posted On 27 Mar 2023

    Economic and Monetary Community of Central Africa (CEMAC) agreed on to quit in using the Franc CFA (FCFA)

    Posted On 25 Mar 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    Kenya Sets up Online Platform for Women Traders

    Access Bank Zambia decided to coalesce with African Banking Corporation

    Economic and Monetary Community of Central Africa (CEMAC) agreed on to quit in using the Franc CFA (FCFA)

    Recent Posts

    • Kenya Sets up Online Platform for Women Traders
    • Access Bank Zambia decided to coalesce with African Banking Corporation
    • Economic and Monetary Community of Central Africa (CEMAC) agreed on to quit in using the Franc CFA (FCFA)
    • $12 Billion Environment Financing Center – The Green Climate Fund permitted to earn African Equity Financial Investment to overcome the Impact of a Warming World
    • President Samia Suluhu Hassan of Tanzania Inaugurated an Agriculture Program hoped at Committing the Youth to Large-Scale Agribusiness

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.