Economic and Monetary Community of Central Africa
- Economic and Monetary Community of Central Africa
The Economic and Monetary Community of Central Africa (or CEMAC from its name in French, "Communauté Économique et Monétaire de l'Afrique Centrale") is an organization of states of Central Africa established to promote economic integration among countries that share a common currency, the CFA franc.
CEMAC is the successor of the Customs and Economic Union of Central Africa (UDEAC), which it completely superseded in June 1999 (through an agreement from 1994).
Its member states are Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon.
CEMAC's objectives are the promotion of trade, the institution of a genuine common market, and greater solidarity among peoples and towards under-privileged countries and regions. [ [http://www.izf.net/izf/FicheIdentite/CEMAC.htm] Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC)] In 1994, it succeeded in introducing quota restrictions and reductions in the range and amount of tariffs. Currently, CEMAC countries share a common financial, regulatory, and legal structure, and maintain a common external tariff on imports from non-CEMAC countries. In theory, tariffs have been eliminated on trade within CEMAC, but full implementation of this has been delayed. Movement of capital within CEMAC is free. [“National Trade Estimates Report – Cameroon” US Fed News, 31 March 2006]
On January 24 2003, the European Union (EU) concluded a financial agreement with ECCAS and CEMAC, conditional on ECCAS and CEMAC merging into one organization, with ECCAS taking responsibility for the peace and security of the sub-region through its security pact COPAX.
CEMAC is not one of the pillars of the African Economic Community, but its members are associated with it through Economic Community of Central African States (ECCAS).
Comparison with other regional blocs
References
ee also
* Currency Union
* Trade bloc
* African Economic Community
* West African Economic and Monetary Union (UEMOA)
* Eco of the West African Monetary Zone in ECOWAS
* Euro
* The West African CFA franc and Central African CFA franc (C.F.A.).
External links
* [http://www.cemac.cf/ CEMAC website]
* [http://www.worldtradelaw.net/fta/agreements/cemacfta.pdf CEMAC Treaty (in French)]
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