“Persistent Inequalities In Global Trade Should Be Of Concern To The International Community”

Herein is the speech by the Head of State, Paul Biya in response to New Year wishes by the diplomatic corps

 “The Dean of the Diplomatic Corps,
First and foremost, I would like to thank you for your kind words addressed to me and to my country.
I am also pleased to see you again, two years after our last meeting, due, as you are aware, to the COVID-19 pandemic.

Distinguished Members of the Diplomatic Corps,
The year 2022, which has just ended, was marked mainly by the lingering adverse effects of this pandemic and the outbreak of an armed conflict between Russia and Ukraine. These two major events continue to have a far-reaching impact on the stability of our economies, particularly those of developing countries, and tend to exacerbate global trade dysfunctions. I would like to reiterate here that Cameroon remains committed to the peaceful resolution of conflicts through dialogue and negotiation.

Distinguished Members of the Diplomatic Corps,
Over the past year, the world continued to face other equally disquieting challenges, notably terrorism and violent extremism, migration issues and climate change, to name but a few.
Hence, as part of the quest for solutions to some of these challenges confronting African countries, I appealed at the recently held United States-Africa Leaders Summit, for the establishment of more coherent financing mechanisms tailored to the needs of the African continent.
I still believe that the African continent will be equipped to finance its development if a veritable African capital market is set up. I am also pleased that the recent United Nations Climate Change Conference, COP27, that took place in Sharm El-Sheikh, Egypt, underscored the importance of providing substantial funding support to the adaptation efforts of developing countries.
It now behoves developed countries to honour their commitments to establish a USD 100 billion fund for vulnerable countries to make up for the losses and damage they endure as a result of climate change.
The persistent inequalities in global trade should be of concern to the international community. The successive crises that States are facing have underscored the interdependence of economies and the need for solidarity among nations.
The operationalization of the Continental Free Trade Area is a major stride towards strengthening inter-African trade. In the long term, it could help grow Africa’s share of global trade by substantially swelling its volume of trade with foreign partners.
Cameroon is proud to feature among the seven pioneer countries on the con...



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