Download Document | |
Document Type: | General |
Publish Date: | January 2020 |
Primary Author: | World Bank |
Edited By: | Arsalan Hasan |
Published By: | World Bank |
The Central African Economic and Monetary Community (CEMAC), which consists of Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon, is one of the oldest regional groupings in Africa. CEMAC’s Vision 2025 calls for making the sub-region “an emerging and integrated economic space characterized by security, solidarity, and good governance in the service of human development”. The main objectives for achieving this are to creation of a fully functional and effective customs union, the establishment of a robust system of macroeconomic surveillance; and the harmonization of sectorial policies and legal frameworks that will create a common market for goods, capital, and services. Despite this ambitious vision, regional integration in the CEMAC zone remains shallow and regional trade remains very modest compared to regional trade agreements in Africa and elsewhere.