- 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 Africaestablished to promote economic integrationamong countries that share a common currency, the CFA franc.
CEMAC is the
successorof the Customs and Economic Union of Central Africa(UDEAC), which it completely superseded in June 1999 (through an agreement from 1994).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 Guineaand 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]
January 24 2003, the European Union(EU) concluded a financial agreement with ECCASand 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
African Economic Community
West African Economic and Monetary Union(UEMOA)
* Eco of the
West African Monetary Zonein ECOWAS
West African CFA francand Central African CFA franc(C.F.A.).
* [http://www.cemac.cf/ CEMAC website]
* [http://www.worldtradelaw.net/fta/agreements/cemacfta.pdf CEMAC Treaty (in French)]
Wikimedia Foundation. 2010.
Look at other dictionaries:
West African Economic and Monetary Union — The West African Economic and Monetary Union (or UEMOA from its name in French, Union économique et monétaire ouest africaine ) is an organization of eight states of West Africa established to promote economic integration among countries that… … Wikipedia
Economic Community of Central African States — Comunidade Económica dos Estados da África Central Communauté économique des États de l Afrique Centrale Economic Community of Central African States … Wikipedia
Customs and Economic Union of Central Africa — The Customs and Economic Union of Central Africa (or UDEAC from its name in French, Union Douanière et Économique de l’Afrique Centrale ), established by the Brazzaville Treaty in 1966, formed a customs union with free trade area between members… … Wikipedia
Customs and Monetary Union — World trade A series on Trade … Wikipedia
European Coal and Steel Community — Danish: Det Europæiske Kul og Stålfællesskab Dutch … Wikipedia
Monetary union — In economics, a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar. A monetary union differs from an… … Wikipedia
Central African CFA franc — Infobox Currency currency name in local = franc CFA BEAC fr icon image 1 = CFA.jpg image title 1 = 1000 Central African CFA francs image 2 = Africa countries CEMAC.png image title 2 = Member countries image 3 = Africacoins.png iso code = XAF… … Wikipedia
Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… … Universalium
Economic Community of West African States — Comunidade Económica dos Estados da África Ocidental Communauté économique des États de l Afrique de l Ouest Economic Community of West African States … Wikipedia
Central African Republic — a republic in central Africa: a member of the French Community. 3,342,051; 238,000 sq. mi. (616,420 sq. km). Cap.: Bangui. Formerly, Central African Empire, Ubangi Shari. * * * Central African Republic Introduction Central African Republic… … Universalium