(Ecofin Agency) - From 2011 to 2016, trade between Côte d’Ivoire and the European Union have increased by FCFA1,418 billion (about €2.16 billion). This was disclosed by the Ivorian Prime Minister, Amamdou Gon Coulibaly (picture), on the sidelines of the launching of the implementation strategy for the EU-Côte d’Ivoire economic partnership agreement (EPA), on October 31, 2017 in Abidjan.

“Overall trade volumes between Ivory Coast and the EU have risen from CFA2,800 billion (about €4.26 billion) in 2011 to CFA4,218 billion (about €6.43 billion) in 2016, thus an increase of 50.6%,” the Prime Minister said. 

According to the official, this volume of trade should increase further, driven by opportunities that will emerge as a result of the interim agreement concluded with the EU. “The interim EPA signed in 2008 and ratified in 2016 is a new step in our economic relations,” he highlighted.  

Including 25 measures regrouped in five main categories, the implementation strategy for the EU-Côte d’Ivoire economic partnership agreement mainly aims to boost the competitiveness, production, processing and export capacities of Ivorian agricultural goods.

“The EPA is much awaited in the agro-industrial sectors. The goal is to boost local processing of the major agriculture products, namely cocoa, cashew and rubber. This EPA could be for Ivory Coast, which intends to become an emerging economy by 2020, a tool for economic growth and development,” Amadou Gon Coulibaly added.

In addition to agriculture, Ivorian authorities hope that the implementation of this agreement could also be beneficial, in delocalizing European firms to Côte d’Ivoire. “The EPA could spur the delocalization and establishment in Ivory Coast of foreign companies from Europe and third countries,” the PM also said.