Cameroon is a country with an open market that strives to implement the best global practices and norms in addition to international and subnational requirements. As a CEMAC participant, the government is bound by the organization’s continental accords.
In September 2009, the Republic of Cameroon’s Standards and Quality Agency was established by a President of State proclamation. Consistency, quality assurance, licensing, coaching, and standardized marketing are all handled by this agency. Cameroon presently has 4,500 architectural regulations. Structural elements, for example, are covered by these standards, which are meant to assure the security and endurance of structures. In various economic sectors, ANOR is producing norms and regulations.
Trade agreements in Cameroon
The European Union, the United Kingdom, Canada, China, Japan, Russia, South Korea, Turkey, and the United States have signed economic and trade treaties with Cameroon.
Trade agreements between Cameron and the EU
In 2007, the EU and Cameroon reached a deal on an initial Economic Cooperation Arrangement. The European Assembly ratified the accord in June 2013.
This deal eliminates taxes and restrictions on 80 percent of EU sales to Cameroon for more than 15 years, allowing all items from Cameroon to reach the EU duty-free. It encompasses product trading, exchange assistance, organizational concerns, and pure resolution.
The preliminary EPA accord is a ‘bridge’ arrangement. This implies that the EU and associate nations can expand the deal by including ‘Rendez-Vous’ provisions that permit additional discussions on trade-related topics such as services, security, copyrighted material, and so on.
The EU and Central African intergovernmental institutions (CEMAC and ECCAS) are looking at the potential of achieving a complete Financial Cooperation Accord using the stepping-stone treaty that Cameroon has already employed.
Trade agreement between Cameron and UK
On March 9, 2021, the UK and Cameroon established an Economic Collaboration Accord. In April 2021, it was submitted to Congress. According to the administration, new contracts have been found that replicate the impacts of the EU’s commercial deals with other nations. Consequently, the UK-Cameroon EPA aims to replicate the effects of the precursor deal with minor adjustments. Even though the EU and the Central African zone established the EU-Central Africa iEPA, Cameroon is the only African country to have signed the interim accord.
The economic cooperation agreement between the United Kingdom and Cameroon will control the UK’s perspective trade ties with Cameroon. The ministry for international commerce amended its guidelines for UK firms dealing with Cameroon to include details on commercial topics addressed in the treaty. The UK agreed to grant “prompt duty-free, quota-free entry” to commodities shipped from Cameroon as part of the agreement. Cameroon would agree to a “progressive tax reduction of products” in exchange. Certain “indigenously sensitive goods” in Cameroon, on the other hand, would be exempt from the tax reduction.
Trade agreement between Cameron and Canada
The countries signed an International Economic Growth and Safety Agreement in March 2014. The Agreement went into force on December 16, 2016.
Cameroon and Canada signed an air transportation deal in December 2017. The deal makes code-sharing between Canada and Cameroon more efficient.
Trade agreement between Cameroon and Japan
The JICA and the Ministry of the Republic of Cameroon announced a loan arrangement in Yaoundé to grant a Japanese ODA credit for the Yaounde-Brazzaville International Corridor Improvement Program. The project aims to create an effective transit path connecting Cameroon and the Congo to promote unemployment eradication and industrial growth in the focus area and the unification of Central Africa’s sub-regional sector. The loan monies will pay for local maintenance projects such as repairing the targeted road stretch. The African Development Bank will contribute to the project’s funding.
Trade agreement between Cameroon and turkey
In Ankara, Turkey and Cameroon concluded a contract for the Promotion and Security of Bilateral Interests. As per Cameroon’s Foreign Minister, the deal will be favorable to both countries. Cameroon is a gateway to Western and Central Africa for Turkey, and the country is a powerful trade and cultural partner, according to Caglayan.
Trade agreement between Cameroon and USA
In 1986, the US and Cameroon negotiated a Foreign Trade Agreement, which went into effect in 1989. Cameroon is the 115th biggest items exporting ally of the United States, with $187 million in product sales to Cameroon and $471 million in item purchases from Cameroon in 2020. Cameroon’s African Development and Investment Authority qualifying status expired in 2020 due to serious abuses of globally recognized human rights.
