At Cameroon Free Trade Forum: Diplomats, Experts Present Strategies To Boost Multilateral Trade

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At Cameroon Free Trade Forum: Diplomats, Experts Present Strategies To Boost Multilateral Trade

02 mars 2022 17:29

Facilitating Cameroon’s bilateral and multilateral trade was the focus of the reflection organized in Yaounde by the Nkafu Policy Institute of the Denis & Lenora Foretia Foundation.

C ameroon, a leading economy in the Central African Economic and Monetary Community (CEMAC) sub-region shares 1700km of land and maritime borders with Africa’s most populated nation, Nigeria which is in the Economic Community of West African States (ECOWAS) but trade between both countries is dominated by the later. The African Continental Free Trade Area (AfCFTA) also provides a unique opportunity for Cameroon’s trade in Africa and the rest of the world which will boost competiveness, reduce prices of basic goods and services, bolster innovation and create employment. It is therefore on the merits of free trade that the Nkafu Policy Institute of the Denis &Lenora Foretia Foundation organized the Cameroon Free Trade Forum on February 25, with high level diplomats, civil society actors, experts and government officials proposing strategies to boost Cameroon’s bilateral and multilateral trade. In a virtual opening remarks by the Board Chair of Denis & Lenora Foretia Foundation, Mrs Jane Mbonde stressed on the relevance of the free trade forum and said the policy recommendations would allow Cameroon to capture high potential markets that will enable the country attain its development objectives by 2035. During the panel discussion on the theme “Cameroon’s bilateral and multilateral Trade: Where are we today?” moderated by the CEO of the Foundation, Mrs. Fri Asanga with the Canadian High Commissioner to Cameroon, H.E Richard Bale and the Deputy Nigerian High Commissioner to Cameroon, H.E L.S Remawa Ahmed participating, the diplomats and experts proposed varying strategies to improve trade not only between Cameroon and Nigeria but also multinational trade. The Nigerian diplomat stressed on increase engagements at various levels (public- public, public-private and private-private engagements between Cameroon and Nigeria in order to boost bilateral trade. Meanwhile, the Canadian High Commissioner to Cameroon stressed on the issue of diversification stating that Cameroon can leverage on services (music, films industry, tourism etc) to leapfrog its economy. Cameroon’s tourism industry, he opined, has a lot of potentials which are largely ...