Free trade agreements: Experts endorse purging corruption, boosting governance to reap benefits.

The experts met via a webinar organised recently by the Cameroon Economic Policy Institute, CEPI, of the Henri Kouam Foundation.

The webinar was placed under the theme: “Lessons and perspectives in implementing and enforcing free trade agreements”.

Moderated by CEPI Founder and Executive Director, Henri Kouam, the webinar had as panelists: Prof Francoise Okah, expert in International Trade Policy and Trade Law and Lanre-Peter Elufisan, Founder and Executive Director of Ominira Initiative for Economic Advancement, a Nigerian-based think tank.

According to the moderator, free trade helps the poor population in the same way it helps the rich by lowering prices of imports and keeping prices of substitutes for imported goods low. By so doing, Kouam said people's real incomes will increase.

During the panel discussion, the panelists spoke on the role of international organisations like the World Trade Organisation, WTO, in international trade and advocated the need to improve capacity of local actors to support the design and enactment of free trade policies.

According to Prof Okah, who is also a lecturer in Economics at the University of Ebolowa, free trade now extends to climate change and gender inclusion.

“Effective free trade under the AfCFTA is a win-win process. A fair share of the benefits will only come from the combined and synergistic efforts of all Africans, African governments and our partners,” Prof Okah noted.

Screenshot of panelist and participants during webinar

Meanwhile, the Executive Director of Ominira Initiative outlined that intellectual property rights have a vital role in driving competitiveness of local firms. 

He then stressed that corruption must be eradicated and governance improved for Cameroon to fully leverage the benefits of free trade agreements. He equally hammered on the need for capacities of trade officials to be improved in a bid to accelerate the implementation of free trade agreement. 

It was also recommended that countries should accelerate their investment in infrastructure, facilitate digital trade, and train local trade and customs officials on aspects of the trade agreements.

It worth noting that the Cameroon Economic Policy Institute, CEPI, as a think tank, has been working towards the improvement of the quality of economic policy through fact-based research, policy advocacy and events to reduce poverty and boost entrepreneurship. 

This story was first published in The Guardian Post issue No:3203 of Monday August 19, 2024