What is Cemac zone?

What is Cemac zone?

For the Central African Economic and Monetary Community (CEMAC)—Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon, and the Republic of Congo—oil is the big story.

How many countries are in the Cemac zone?

six States
The Central African Economic and Monetary Community (CEMAC) is made up of six States: Gabon, Cameroon, the Central African Republic (CAR), Chad, the Republic of the Congo and Equatorial Guinea. With a total population of about 37 million, it covers a total surface of around 3 million km2.

Is CEMAC a free trade area?

Although there is overlapping membership with other African RECs all intra- Africa imports from outside CEMAC are levied the MFN applied tariff (CEMAC CET) since there is no trade arrangement among the CENSAD countries and the intra-ECCAS preferential tariff is not yet implemented.

What is the role of CEMAC?

The main objective of the Central African Economic and Monetary Community (CEMAC) is to promote the harmonious development of the Member States in the context of the establishment of a true CEMAC Common Market (free movement of persons, goods, capitals, and services) by establishing an economic and monetary union.

Who are the members of CEMAC?

The Central African Economic and Monetary Community (CEMAC) is composed of six States, of which five are also Members of the WTO and form the subject of this report: Cameroon, the Republic of the Congo, Gabon, the Central African Republic (CAR), and Chad; Equatorial Guinea has observer status in and applied for …

When did Cameroon Join Cemac?

The treaty became effective in 1966 after it was ratified by the then five member countries—Cameroon, the Central African Republic, Chad, the Republic of Congo, and Gabon. Equatorial Guinea joined the Union on 19 December 1983.

What are the benefits of Cemac?

By reducing the widespread use of discretionary tax and customs exemptions within the region. These exemptions undermine overall state revenues and weaken governance. CEMAC members would also benefit from better inter-governmental cooperation and coordination on tax policies.

What is the headquarter of Cemac?

As a follow-up to the WCO Secretary General’s visit to the Headquarters of the Central African Economic and Monetary Community (CEMAC) in Bangui, Central African Republic late last year, a high-level CEMAC mission visited WCO Headquarters on 27 February 2013 to explore ways of further strengthening cooperation between …

What is the full meaning of Ecowas?

Economic Community of West African States (ECOWAS)

Is CEMAC a customs union?

CEMAC currently operates a customs union and monetary union.

Why is Cameroon a member of the CEMAC zone?

Nearly half the population live in Cameroon, which contributes 28.6% of regional GDP. The diversity of the climate and the availability of land make CEMAC a region particularly suited to the development of agro-pastoral activities.