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.
20, December 2018
CEMAC countries to harmonize trade laws 0
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.
Source: Xinhuanet