Further strengthening economic and trade ties

Last week, a meeting took place between the AFOA member countries, including Madagascar, and the European Union. The focus was on deepening the Economic Partnership Agreement (EPA) with Brussels.

A fruitful collaboration with the European Union. Discussions are currently ongoing to expand the Economic Partnership Agreement with the EU. From September 30 to October 4, five AFOA member countries, including Madagascar, traveled to Brussels to explore the possibility of extending this EPA.

The goal of these discussions is to further strengthen economic and trade ties with the European Union. The Ministry of Industrialization and Trade announced that the aim is to establish a comprehensive economic partnership agreement that would benefit both parties.

The high-level talks addressed crucial issues related to trade in services and investments. The state of negotiations with the EU to expand this partnership agreement, which is currently in a provisional stage, was reviewed by the country’s economic stakeholders. Indeed, extending this agreement with Brussels would open up opportunities for industries. Malagasy products, in particular, are facing entry barriers in the European market, according to the Industry Syndicate. The European Union is Madagascar’s main trading partner, accounting for 34 % of its exports, according to the Central Bank.

However, during the discussions with Brussels, the EU has already issued preliminary recommendations regarding the list of AFOA products that will be liberalized on the European market.