Intra-regional Trade: Where the shoe pinches!

Countries of the Economic and Monetary Community of Central Africa are yet to fully embrace the concept while their peers of the West African Economic and Monetary Union are far gone.

Delegates to the Conference of Finance Ministers, Governors of Central Banks of the Economic and Monetary Community of Central Africa, the West African Economic and Monetary Union and the Comoros, all economic blocs of the Franc Zone are unanimous that it is only when intra-regional trade between countries of the region will be stepped up that they will see the meaningful development.

Cameroon’s Minister of Finance, Alamine Ousmane Mey, regretted that the CEMAC zone accounts for less than 10 per cent of total activity in terms of intra-regional trade.

Meanwhile the WAEMU zone waxing strong, doing twice more than “what we are doing.” Trade among member states of the CEMAC sub-region ie relatively low, evaluated at about 3 per cent, as against 10 per cent in the WAEMU monetary zone.

During a press conference in Yaounde on April 9, to close two days of discussions, Alamine Ousmane Mey stressed that; “if we think that our growth can be strengthened by integration, up to 2 per cent of our GDP, we have to further integrate. » Intra-regional trade must not be manifested only in fiscal terms, but on the ease with which people and goods move from one country of the same economic bloc to the other.

Disheartening is the obligation for passports and visas for persons of the same monetary zone. “Presently, we need compulsory visa to move from one country to another in the CEMAC zone,” decried Finance Minister, saying it is only when countries of the region make sure that their environment is business-friendly as well as established security all over the sub-region that we can talk about regional integration.

There is much to be done, he said. “We are jointly looking at it and making sure that hindrances are addressed,” stated Alamine Ousmane Mey. He disclosed that the two countries which were still reluctant to allow people walk into their country without visas had accepted to move a step further.

They now allow people especially diplomats to move without visa. “It is a progress, but there is much to be carried out for integration in the sub-region to be effective so that countries concerned can take advantage to boast their economic growth. »

Staying stronger as a community entails trading together with strong policies that must be respected and implemented by all, experts recommend. The Minister of Finance said solid infrastructure, was required for all the parameters to work well.

Deepening intra-regional trade impacts the livelihoods of citizens, which is what is required of governments.