Regional Implementation of the Yamoussoukro Decision
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Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon (CEMAC 1994). The annex to this treaty includes the Convention Governing the Economic Union of Central Africa, which was created by Article 2 of this treaty. CEMAC became the successor of the former Customs and Economic Union of Central Africa, which it completely replaced in June 1999. The main objectives of CEMAC are similar to those of WAEMU. The overall goal is the harmonized development of member states within the institutional framework of CEMAC’s two main institutions, the Economic Union (Union Economique de l’Afrique Centrale) and the Monetary Union (Union Monétaire de l’Afrique Centrale). The more specific objectives are stated in Article 2 of the convention governing the Economic Union, namely: • strengthening economic and financial competitiveness by harmonizing members’ regulatory frameworks; • converging overall macroeconomic policy by coordinating the economic and monetary policies of member states to assure an improved economic outcome; • creating a common market on the basis of free movement of goods, services, and capital; • coordinating national sectoral policies of member states in agriculture, livestock, fisheries, industry, trade, tourism, transport, telecommunications, energy, environment, research, and education. As an institution, CEMAC benefits from a distinct legal personality that is based on public law. It has its own equity, budget, organs, and agents. This is specifically confirmed by the statement that CEMAC is to be recognized as a full and legally independent entity by all member states regardless of any contradictory rules or regulations (CEMAC 1994, annex, Article 35). Article 36 of the treaty also empowers CEMAC to sign agreements of cooperation with international, regional, or subregional organizations. Member states are called upon to contribute to achievement of the general objectives of the community and to “assure all internal measures to secure the implementation of their community obligations” (Articles 8 and 10 of the convention regulating the Economic Union and the Monetary Union). Finally, the institutional treaty and any annexes are considered to be the constitutional basis of the community, which also entails certain limitations to member states’ autonomy, namely, in line with the same principles governing the European Community, CEMAC