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Monday, 16 October 2017

Madagascar-EPA: Negotiations for more profits

Exports to the European market have risen by 74% in six years. But other obstacles remain to be overcome. Madagascar has a trade surplus, selling more products in Europe than it imports. Madagascar’s exports rose from €499.5 million in 2012 to more than €875 million in 2016. Imports from the European Union account for less than 20% of total imports to Madagascar, according to figures from both the Ministry of Trade and Consumer Affairs, and the European Union Delegation in Madagascar. Textile and clothing exports rose by 31%, and lumber by 86%. Exports of chocolate and cocoa-based food preparations increased by 84%. ‘These figures show that Madagascar has been able to take advantage of the Economic Partnership Agreement (EPA), which entered into force in 2012. In 2016, Madagascar’s exports to the European Union were worth almost €870 million, or 45% of Madagascar’s total exports,’ Antonio Sanchez Benedito, EU ambassador to Madagascar said yesterday, addressing the opening of the sixth meeting of the EPA Committee at the Carlton.

Source: lexpressmada