Yaounde: The Economic and Monetary Community of Central Africa (Cemac) evaluated the challenges and opportunities of subregional integration with a view to promoting continental trade, the Government of Equatorial Guinea reported today. Comprised of six states-Cameroon, Gabon, Congo, Chad, the Central African Republic, and Equatorial Guinea-Cemac currently faces a high dependence on imports, with low diversification of exportable products and insufficient trade infrastructure, the forum assessed.

According to Lao News Agency, the debate took place at a recent summit of The Okwelians program in Yaound©, Cameroon, given the interest in strengthening dialogue with the private sector and civil society to build a dynamic common market. Commissioner Mbogo Ngabo Seli, in charge of the Cemac common market, highlighted the importance of the region’s integration for the effective implementation of the African Continental Free Trade Area (AfCFTA).

According to Mbogo Ngabo Seli, it is necessary to advance the implementation of the subregional import substitution strategy adopted in 2023 to reduce external dependence and promote local production. The elimination of non-tariff barriers, the promotion of infrastructure, the structuring of industrial value chains, and the establishment of adequate financing mechanisms are part of the arsenal of measures that can contribute to the cohesion of the region, he emphasized.

The official stressed the importance of CEMAC acting as a bloc to defend its interests amidst growing competition, ensuring that membership in the AfCFTA does not reduce the region to a mere transit zone for foreign products. The CEMAC Commission remains committed to working with all stakeholders to ensure successful and sustainable economic integration, the official stated, quoted in Malabo by the Equatorial Guinea Press and Information Office.