Rédaction Africa Links 24 with Comores Infos
Published on 2024-03-18 16:53:26
The Union of the Comoros is preparing to host a crucial meeting for the economic future of the region. From March 18 to 22, the 13th cycle of negotiations for the deepening of the economic partnership agreement between the countries of Eastern and Southern Africa (AfOA) and the European Union (EU) will be held in the capital of the Comoros.
More than seventy participants representing the five AfOA countries – Comoros, Madagascar, Mauritius, Seychelles, and Zimbabwe – as well as delegates from the European Commission are expected to attend this meeting. The objective is to take a crucial step in the negotiations to establish the first modern and comprehensive free trade agreement between the EU and sub-Saharan African countries, supported by enhanced cooperation in economic development.
This agreement is of strategic importance, contributing to the achievement of ambitious goals of the new Africa-Europe Alliance for sustainable investments and jobs.
The Comoros, in particular, recorded their best performance in terms of trade with the European Union in 2022. The numbers speak for themselves: trade between the Comoros and the EU reached 81 million euros in 2022, showing a significant increase of +7.2% compared to the previous year. Excluding petroleum products, the EU is the main economic partner of the country with 18.7% of trade, although the trade deficit amounts to 61 million euros.
Trade between the EU and the Comoros has seen a remarkable growth of +38.4% since 2018, indicating increased dynamism in commercial relations.
The main goods traded between the Comoros and the EU include foodstuffs, machinery and transport equipment, as well as chemicals, reflecting the diversification of trade between the two parties.
Regarding Comorian exports, cloves dominate the market with a share of 66.9%, followed by vanilla (7.9%) and ylang-ylang (4.5%). The increase in exports in 2022 is mainly attributed to cloves, with a significant increase in volume and prices.
However, challenges persist, particularly the decline in exports of vanilla and ylang-ylang, facing fluctuating prices in international markets.
In the context of imports, the Comoros recorded a 5.7% increase in 2022, with the United Arab Emirates as the main supplier. The EU, excluding petroleum products, holds a significant share of the Comorian import market, providing a variety of food products, machinery, and transport equipment.
Read the original article(French) on Comores Infos
