Page 125 - Atouts-Cameroun-2017
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125Multilateral CooperationINTRODUCTIONOver the past few decades, Cameroon had to develop its cooperation with international econo- mic and financial organizations.This was to respond to its development needs and the increasing role of international financial institutions favoured by the freeing of economies of several countries, as well as to the rise of glo- balization.RELATIONS WITHTHE WORLD TRADE ORGANIZATIONThe importance of foreign trade, and particularly exports of bananas, cocoa, cotton, rubber, cof- fee, wood to the economy of Cameroon, justifies why the political capital Yaoundé established relations with the World Trade Organisation (WTO) whose rules govern world trade. Since 1995, several contacts took place between Yaoundé and the organization to harmonize Cameroonian legislation with WTO rules.The liberalization of the economy that continued for about ten years and the subsequent withdra- wal of the State from various sectors of the eco- nomy brought the conditions prevailing in Cameroon closer to the requirements of globali-zation of trade. However, many think that fixing the prices of commodities that constitute the bulk of African exports and subsidies to agriculture in developed countries undermine trade and pena- lize countries such as Cameroon.RELATIONS WITHTHE IMF AND THE WORLD BANKThe reality of the economic crisis that hit Cameroon in the late 80’s led Yaoundé to get in closer relation with the IMF and the World Bank. From the conclusion of the first stand-by agree- ment with the IMF in 1988 to the three-year agreement from 2005 to 2008 which witnessed Yaoundé reaching the completion point under the Initiative for Heavily Indebted Poor Countries (HIPC) on June 30, 2006, relations with the two Bretton Woods institutions become narrower. The IMF and the World Bank have both permanent representations in Yaoundé.Despite reaching the completion point of the HIPC initiative (highly indebted poor countries), the Government of Cameroon decided to conti- nue a dialogue with the International Monetary Fund through a new form of specific cooperation based on mutual agreement between parties.LES ATOUTS ECONOMIQUES DU CAMEROUN


































































































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