Phase II of the Bilateral Economic Partnership Agreement (EPA) between Cameroon and the European Union (EU) was launched on Thursday 4 August 2017.
One year ago, in the first phase, a decrease of 25% occurred on a list of 1700 products of the first group. Phase II targets 920 semi-industrial products and stipulates a 50% reduction in customs duties. The direct loss of revenue on customs revenues will be offset by the training effect induced by the agreement, the customs director explained.
Activation of the agreement will also result in a 15% reduction on equipment for local production, including trucks and freight vehicles. Phase II of the bilateral EPA covers 920 products mainly consisting of industrial equipment and transport equipment. According to the Government, this approach will make it easier for importers to access high-quality industrial appliances at lower cost.
Cameroon, which until now has stood alone in the Economic Community of Central African States (CEMAC), has pledged to liberalize 76.7% of its tariff lines, corresponding to 80% of the volume of trade With the EU in groups 1 (24.88% of imports over 4 years), 2 (25.41% of imports for 7 years) and 3 (29.64% of imports over 10 years).
It should be noted that official data indicate that the country's customs registered a shortfall of a total of XAF 700 million during the first 10 months following the entry into force of the bilateral EPA.
Source: adapted from the article “Le Cameroun fait cavalier seul et bascule dans la phase II de l’APE”, Financial Afrik www.financialafrik.com