20, December 2018
The Central African Economic and Monetary Community (CEMAC) has finalized plans to harmonize laws governing trade in the sub-region, Fatima Haram Acyl, vice-president of CEMAC said on Tuesday.
“We are going to harmonize so we make sure that somebody that is trading in Chad, in Cameroon, Central Africa Republic or anywhere in CEMAC actually operates under the same law,” Acyl told reporters as trade ministers and economic experts from the CEMAC sub-region met in Cameroon’s economic capital Douala to adopt a legislation on competition and consumers protection.
She said the intention was to intensify integration in the sub-region that already has a single market and free trade zone.
“The CEMAC is one market. We have the same people, the same currency and free movement of people. So this exercise is very critical,” Acyl said.
The new legislation will attract more foreign investors and erase unhealthy competition and consumer exploitation that has retarded trade development in the sub-region for a long time, according to Acyl.
CEMAC is made up of Gabon, Cameroon, the Central African Republic, Chad, the Republic of the Congo and Equatorial Guinea. With a total population of about 37 million, it was established to promote cooperation and exchange among its members.