The money, granted in the context of Cameroon having signed an interim EPA with the EU, will be shared out to "major producing firms with plans to boost output".
The European Union’s only directly elected body is demanding that a new trade deal between the bloc and Cameroon should not be applied to other countries in central Africa.
The European Union and Cameroon signed a "stepping stone" economic partnership agreement (EPA) trade deal on Thursday pending a broader regional accord with central African states.
In what looks like crying over spilt milk, Cameroon’s economic experts are spending sleepless nights seriously reflecting on the budgetary impact of the economic partnership agreement, EPA signed with the European Commission last December.
Experts have qualified the economic partnership agreement Cameroon signed with the European Union on December 17, 2007 as a veritable jinx that would inflict a heavy decline on customs revenue.
Association des Producteurs de Bananes du Cameroun (ASSOBACAM), sources reveal, pushed the Cameroonian government to jump into a bilateral agreement with the EU Commission. Many observers interpret the move to mean that government sacrificed the young industrial sector of the country to protect the interest of banana producers, most of which are owned by Western countries.
Cameroonian President Paul Biya says he is in favour of the signing of partial Economic Partnership Agreements between the EU and the Central African Region.
A split has erupted among big economic operators in Cameroon as to whether or not government should respect the dateline of December 31, 2007, to sign the free trade Economic Partnership Accord between the European Union, EU, and some African, Caribbean and Pacific, ACP, countries.
Europeans love chicken breast. What do they do with the chicken legs? The current answer: Freeze them and ship them to Africa where they sell at a price far cheaper than fresh local chicken.