Connect with us

Finance

CAMEROON: Projects Slower Economy As WTO Suspends Her Membership

Published

on

The World Trade Organization (WTO), a body concerned with regulating trades between nations globally, has recently given a suspension verdict to Cameroon.

The suspension is as a result of the country’s refusal to pay her dues amounting to XAF180million; a sum that is estimated to be $310,068USD.

According to gathered reports, Cameroon’s Trade minister, Luc Magloire Mbarga Atangana, on March 5th referred the matter to the Office of the Prime while making a recommendation that the country complies with the requirements of WTO’s Trade Facilitation Agreement.

The Trade Minister stated that “I have the honour to inform you, Mr Prime Minister, Head of Government, that the arrears of our contributions to the World Trade Organization have now peaked at XAF138 million for 2015, 2016, 2017 and 2018,”. He added that there is another XAF42 million to be paid for the FY2019, totalling the country’s debt to the organization to be XAF180 million.

The minister further pointed out that the country is currently under category III administrative sanctions from WTO; with the sanctions consisting of the suspension of all technical assistance activities that the country ought to enjoy as well as the denial of any access to training organized by the WTO. The minister further stated that “Only the clearance of these arrears would allow our country to regain its rights within the Organization,”

The World Trade Organization is an intergovernmental organization founded January 1, 1995, with headquarters in Geneva, Switzerland with membership strength of 164 countries, the organization is saddled with the responsibility of regulating international trade between its member countries. Cameroon joined the WTO since December 13, 1995.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 - Developed by Arcadia Media.