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CEMAC Regional Integration
15 firms licensed to export at preferential rates
Fifteen new Cameroonian firms on Thursday September 17, received licenses to export goods to the rest of the countries in the Central African Economic and Monetary Community, CEMAC.
The stride has been made thanks to the fruitful collaboration between the CEMAC Commission and the State of Cameroon. The new firms take the tally of those in this category to 50. They have been endorsed to export some 529 products of African origin.
The decision to facilitate the free movement of goods comes in the wake of the January 1, 2021 date, when the African Continental Free Trade Area, AfCFTA, is expected to be launched. In a recent report, the World Bank said Africa was leading the way with the introduction of the AfCFTA.
“The African Continental Free Trade Area agreement stands to connect 1.3 billion people across 55 countries, making it the largest free trade area in the world by membership”, part of the report read. It added that millions of people will quit the poverty line if the scheme is effectively implemented. “The pact has the potential to lift 30 million people out of extreme poverty, increase workers’ wages and generate gains for women,” it said. The licenses exempt the 15 firms from some cumbersome procedures related of determining the origin of goods. It is worth recalling, the free movement of goods across countries that adhere to the AFCFTA agreement will only work for goods of African origin. But there is a procedure to follow in order to get the origin clearance. With these licenses, these firms are free from getting goods cleared each time they want to export.
The firms concerned with this new move, deal in food, cosmetics, drinks, wood and some more. They now have a level playing ground to compete with the over 35 companies whose goods have already been in the international Market.
Culled from Cameroon Insider