The Gambia’s GDP was predicted to be $1.8 billion in 2019 (at current market exchange rates), with a real GDP increase of 6.0 percent and a population of 2 million. Duty-free and quota-free or reduced-duty advantages are also extended to The Gambia by other developing countries such as India, Korea, and Morocco.
The Gambia and Ethiopia
On the 17th of January, 2012, the Gambia and Ethiopia inked a bilateral trade deal. It had a 5-year expiration date, but it was also renewable. Trade promotion, trade fairs and exhibitions, tariff and non-tariff barriers elimination, sanitary and phytosanitary measures, and dispute resolution are all covered by the agreement. The agreement is consistent with national laws and regulations, with no less than the most favored nation treatment in all trade areas.
The Gambia and Tunisia
On June 21, 2000, the Gambia and Tunisia inked a bilateral trade deal. Some of the important things covered by the agreement are; most-favored-nation treatment, trade promotion and missions, trade fairs, and exhibitions organization. Import and export between the two countries are free of customs duties, taxes, and other similar levies or charges for certain goods of mutual interest. Under this Agreement, trade-in products and services between the contracting parties’ territories are governed by the import and export rules and regulations in effect in their respective countries. All payments made under this Agreement between the contracting parties must be made in any freely convertible currency via normal banking channels, in compliance with the foreign exchange rules and regulations in place in their respective countries.
EU’s bilateral preferences for African, Caribbean, and Pacific (ACP) countries
The Gambia was a party to the Cotonou Agreement, which governed the EU’s bilateral preferences for African, Caribbean, and Pacific (ACP) countries until December 31, 2007. The Gambia continues to have access to the EU market through the European Union’s Everything But Arms (EBA) Initiative for exports from Least Developed Countries. Under the EBA, almost all Gambian products, including its main exports (groundnuts, cashews, fisheries, vegetables, and fruits), are eligible for export to the EU market. As a result, the government will continue to encourage Gambian manufacturers to take advantage of these agreements to boost production and growth.
Economic Community of West African States (ECOWAS)
The Gambia is a member of the West African Economic Community of West African States (ECOWAS). Although the Gambia does not have a bilateral trade deal with the United States, it is a beneficiary of the Trade and Investment Framework Agreements (TIFAs) that the US has had with ECOWAS since 2013.
World Trade Organization (WTO)
The Gambia has been a member of the World Trade Organization (WTO) since October 23, 1996, and of the General Agreement on Tariffs and Trade (GATT) since February 22, 1965.
Act to Promote African Growth and Opportunity (AGOA)
After losing its African Growth and Opportunity Act (AGOA) eligibility in 2015 due to concerns about human rights issues, the Gambia recovered it in 2018.
Continental Free Trade Agreement for Africa (AfCFTA)
On April 2, 2019, The Gambia became the 22nd country to accept the Africa Continental Free Trade Agreement (AfCFTA).
Economic Partnership Agreement
The Gambia became the 14th country in West Africa to sign the EU’s region-to-region Economic Partnership Agreement (EPA). The goal of this custom-made agreement is to boost trade between the EU and African countries while also contributing to long-term development and a decline in poverty.
The Gambia and India
On November 1, 2021, a bilateral cooperation agreement was signed, which included the establishment of a Bilateral Joint Commission. It was also determined to establish a Joint Trade Committee. Cotton yarn, textiles, made-ups; broken rice; pharmaceuticals, coffee, and biscuits, among other items, are all exported to The Gambia. Raw cashew nuts, ferrous 106, and non-ferrous scrap are the principal imports from The Gambia to India. The Gambia’s imports are now eligible for India’s Duty-Free Tariff Preference (DFTP) program.
