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MEA is a designation given to the region of the world made up of the Middle East and Africa.
This designation is typically a term used by companies, organizations, and corporations. The
designation can be used for miscellaneous marketing, distribution and customer support services.
In this Term Paper we have compiled a comprehensive list and information of the countries in
this region. In addition to the list of countries, we have assembled other unique information
about the region. This data and information is categorized below, starting with the background of
the region broken in to the Middle Eastern states and then Africa. It is important to note that
while the countries in the MEA region have much in common; MEA also has a great deal of
attributes that are distinctive country to country. MEA countries also share the same block of
time zones making trade and business dealings simpler.
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Contents
INTRODUCTION ............................................................................................................................................. 1
THE KINGDOM OF SAUDI ARABIA ................................................................................................................. 4
UNITED ARAB EMIRATES............................................................................................................................... 9
TURKEY ........................................................................................................................................................ 16
IRAN ............................................................................................................................................................ 22
ISRAEL.......................................................................................................................................................... 28
JORDAN ....................................................................................................................................................... 31
NIGERIA ....................................................................................................................................................... 35
EGYPT .......................................................................................................................................................... 39
ALGERIA....................................................................................................................................................... 43
MOROCCO ................................................................................................................................................... 46
ZIMBABWE .................................................................................................................................................. 49
SENEGAL...................................................................................................................................................... 51
SOMALIA ..................................................................................................................................................... 54
OMAN.......................................................................................................................................................... 56
KUWAIT ....................................................................................................................................................... 59
SOUTH AFRICA ............................................................................................................................................ 62
UGANDA ...................................................................................................................................................... 65
BAHRAIN ..................................................................................................................................................... 69
QATAR ......................................................................................................................................................... 72
GHANA ........................................................................................................................................................ 79
MADAGASCAR ............................................................................................................................................. 84
TOGO ........................................................................................................................................................... 89
SIERRA LEONE ............................................................................................................................................. 89
CENTRAL AFRICAN REPUBLIC ...................................................................................................................... 90
BOTSWANA ................................................................................................................................................. 90
MAURITIUS.................................................................................................................................................. 91
References .................................................................................................................................................. 92
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INTRODUCTION
The Term MEA is typically a term used by companies, organizations, and corporations. The
designation can be used for miscellaneous marketing, distribution and customer support services.
This region mostly known as MENA refers to the to the Middle East and North Africa region.
The Middle East and North Africa (MENA) is a diverse region whose development potential has
yet to be fully realised. These countries benefit from a privileged geographic location situated at
the crossroads of Europe, Africa and Asia; a young and increasingly educated population; and
great potential in sectors such as renewable energies, manufacturing, tourism, and business
development services.
The Middle East and North Africa (MENA) is a region encompassing approximately 22
countries in the Middle East and North Africa. The MENA region accounts for approximately
6% of the world's population, 60% of the world's oil reserves and 45% of the world's natural gas
reserves. Due to the region's substantial petroleum and natural gas reserves, MENA is an
important source of global economic stability. Many of the 12 OPEC nations are within the
MENA region. While there is no standardized list of which countries are included in the MENA
region, the term typically includes the area from Morocco in northwest Africa to Iran in
southwest Asia and down to Sudan in Africa.
Africa
Africa is the second largest continent on Earth. With over 1.1 billion inhabitants, Africans account
for one/sixth of the worlds total population. Islam first spread into Africa in 639 B.C. and remains
the largest followed religion on the continent. The second most followed religion is Christianity.
Geographically it shares the Mediterranean Sea, Red Sea and the Suez Canal with its other half in
the MEA, the Middle East.
MEA consists of more than 70 countries, in this term paper we have worked on few selected
countries with a stable economy and in relation with Bangladesh.
1
List of countries in MEA
2
3
THE KINGDOM OF SAUDI ARABIA
Saudi Arabia, located in the Middle East between the Arabian Gulf and the Red Sea, is the
birthplace of Islam and home to Islam's two holiest shrines, in Makkah and Madinah. The
modern Saudi state was founded in 1932 after a 30-year campaign to unify most of the Arabian
Peninsula. Saudi Arabia is divided into 13 provinces, with Riyadh as the capital. The official
language of Saudi Arabia is Arabic, and the currency is the Saudi riyal (SAR).
The country is a leading producer of oil and natural gas. Saudi Arabia possesses about 20% of
the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a
leading role in the Organization of Petroleum Exporting Countries (OPEC). The petroleum
sector accounts for roughly 80% of budget revenues, 45% of gross domestic product (GDP), and
90% of export earnings.
4
Economic Infrastructure
5
Imports
Saudi Arabia imports $157.7 billion (2016 est.) commodities for their usage purposes ranking 27th
.the major commodities are machinery and equipment, foodstuffs, chemicals, motor vehicles,
textiles from the following countries
Resources
Petroleum
natural gas
iron ore
gold
copper
In April 2016, Saudi Arabia introduced the Vision 2030 plan to reduce its dependence on oil,
diversify the economy, and develop service sectors, such as health, education, infrastructure
construction, recreation and tourism, and many more. The sweeping reforms outlined in the Vision
2030 and National Transformation Plan affect vast areas of the government, the economy, and
citizens. Tax policy will play a significant role in these reforms as part of the governments efforts
to diversify revenues away from oil and address broader social and economic objectives while
maintaining a fertile business environment and continuing to attract foreign direct investment (FDI).
One of the key targets of Vision 2030 is to increase FDI to 5.7% of GDP by 2030, from 3.8%. There
is a large pool of research demonstrating the positive impact that double taxation treaties (DTTs)
can have on FDI flows. Saudi Arabia should consider DTTs as a key way of attracting foreign firms
into the Kingdom by offering them the reassurance that income will not be taxed twice. DTTs already
prevail over domestic tax rules, and over 30 have been signed with countries including the United
Kingdom, China, and Japan. The next step should be to focus on other key trading partners,
particularly the United States, but also Germany, Switzerland, and Australia.
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Furthermore, Saudi Arabia is encouraging the growth of the private sector in order to diversify its
economy and to employ more Saudi nationals. Diversification efforts are focusing on power
generation, telecommunications, natural gas exploration, and petrochemical sectors. Roughly 7
million foreign workers play an important role in the Saudi economy, particularly in the oil and
service sectors.
Trade agreements
Saudi Arabia is a member of the Gulf Cooperation Council (GCC), which consists of Kuwait, Qatar,
Bahrain, the UAE, Oman, and Saudi Arabia. Membership confers special trade and investment
privileges within those countries. The GCC implemented a Customs Union on January 1, 2003 that
stipulates free movement of local goods among member states. The member states also agreed that
they would switch to a single currency by January 1, 2010 at the latest, which has not materialized as
yet and the common market proposal is still being worked out. Saudi Arabia is also a member of the
League of Arab States. The League has agreed to negotiate an Arab Free Trade Zone.
In 2003, the United States signed a Trade and Investment Framework Agreement (TIFA) with Saudi
Arabia. A TIFA is typically an umbrella agreement for ongoing structured dialogue between the
United States and foreign governments on economic reform and trade liberalization. The agreement
promotes the establishment of legal protections for investors, improvements in intellectual property
protection, more transparent and efficient customs procedures, and greater transparency in
government and commercial regulations. TIFA negotiations on a wide variety of trade and trade
policy issues occur every one to two years.
Saudi Arabia and Bangladesh formally established diplomatic relations in 1975-76, after
the Assassination of Sheikh Mujibur Rahman by mutinous officers in Bangladesh Army. The
military regimes of Ziaur Rahman and Hussain Muhammad Ershad took steps to forge strong
commercial and cultural ties with Saudi Arabia. Since the late 1980s, a large number of both skilled
and unskilled Bangladeshi workers have moved to Saudi Arabia; the number of Bangladeshis living
in Saudi Arabia today exceeds 2.5 million. A large number of Muslim religious students and clerics
also regularly travel to Saudi Arabia for study and religious work. As one of the most populous
Muslim countries, Bangladesh is a major source of Hajj pilgrims. Saudi Arabia has become a major
source of financing and economic aid to Bangladesh. On August 2014 Saudi Arabia banned
Bangladeshi women from marrying Saudi nationals.
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Saudi Arabia has signed few Agreements with Bangladesh that are stated below:
8
UNITED ARAB EMIRATES
The United Arab Emirates is to be found on the Persian Gulf at the end of the Arabian Peninsula
where it is bordered by Oman to the north and east, Qatar to the west and Saudi Arabia to the south.
Seven states, or emirates, make up the UAE and a federation was formally established in 1971
consisting of Abu Dhabi and Dubai. It has a strategic location along southern approaches to the
Strait of Hormuz, a transit point for world crude oil. The geography of United Arab Emirates is
rolling sand dunes of desert and mountains in the east. The government system is a federation with
specified powers delegated to the UAE federal government and other powers reserved to member
emirates; the chief of state is the president, and the head of government is the prime minister.
United Arab Emirates has an open market economy in which the prices of goods and services are
determined in a free price system. United Arab Emirates is a member of the League of Arab States
(Arab League) and the Gulf Cooperation Council (GCC). It is one of the worlds fastest growing
tourist destinations.
Each emirate has its own beauty and places to explore. Dubai has the tallest building in the world
(Buri Khalifa) while Ras Al Khaimah and Fujairah are mountainous with agricultural land and
archaeological sites. To admire beautiful coastlines visit Ajman and for a cultural experience head
towards the museums of Shariah.
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The official language is Arabic but English is widely spoken and anyone on holiday or living in
major cities can get by with virtually no Arabic. The laws in the UAE are strict and there are some
very important points that anyone visiting the UAE should keep in mind.
Economic Infrastructure
10
EXPORTS & IMPORTS
Exports
United Arab Emirates exports $316 billion (2016 est) ranking 15th in comparison to the world.
The major commodities exported are crude oil 45%, natural gas, re-exports, dried fish, dates
(2012 est.) to the following countries:
Country / Area % of imports
Iran 14.5%,
Japan 9.8%,
India 9.2%,
China 4.7%,
Oman 4.3%
Imports
United Arab Emirates imports $246.9 billion (2016 est.) ranking 19th in comparison to the world.
The main commodities that they import are machinery and transport equipment, chemicals, food
from the following countries
Recent years broad-based and dynamic growth in the United Arab Emirates has been underpinned
by continuous efforts to strengthen the business climate, boost investment, and foster the emergence
of a more vibrant and diverse private sector. The generally liberal trade regime has helped to sustain
momentum for growth. The UAE aims to be a regional financial hub, and its banking sector is
resilient.
Overall fiscal soundness is well maintained, although the non-oil deficit has widened as the
governments overall surplus has fallen. Coordinating the various emirates fiscal policies and
improving the transparency of public finances remain critical tasks. Keeping the legal framework
effective and independent will be vital to continuing to attract dynamic foreign investment.
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TAXATION
The UAE has no income tax and no federal-level corporate tax. There are different corporate tax
rates for certain activities in some emirates. The overall tax burden equals 19.0 percent of total
domestic income. Government spending has amounted to 33 percent of total output (GDP) over the
past three years, and budget surpluses have averaged 3.5 percent of GDP. Public debt is equivalent
to 19.4 percent of GDP.
MARKET
Trade is extremely important to the UAEs economy; the value of exports and imports taken together
equals 176 percent of GDP. The average applied tariff rate is 3.2 percent. In general, foreign
investors may own majority stakes in companies outside of free zones. State-owned enterprises
distort the economy. The financial sector provides a full range of services, but the state presence is
considerable. Capital markets are open and vibrant.
There is no minimum capital requirement for establishing a business, and licensing requirements
have been streamlined. Employment regulations are relatively flexible, and the non-salary cost of
employing a worker is not high. In 2016, the IMF commended the government for eliminating fuel
subsidies, raising tariffs on water and electricity, and scaling back grants and transfers to
government-run enterprises.
RESOURCES
Petroleum
Natural gas.
Limestone
Sand
Marl
gypsum
Gemstones
Gold
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TRADE AGREEMENTS
To promote economic integration and establish long-term economic cooperation with the regional
and global economies, the UAE has entered into several trade, economic, investment and technical
agreements with many countries around the world. The countrys economic, financial and monetary
policies as well as trade industrial and customs regulations have been brought closer to that of other
countries as a key step towards improving economic relations and using economic integration as an
effective tool to promote better understanding among different nations.
The trade liberation is one of the key aspects of free trade agreements where custom tariffs and non-
custom barriers are eliminated or lowered on the exchange of goods and services among the
signatories of the trade agreements, thus increasing the volume of trade and enhancing the
penetration of national products to other markets.
On the regional level, the UAE, which retains its position as the gateway to the region and a major
hub for global firms that are looking to expand their business in the Middle East, continues its efforts
to promote greater cooperation with GCC and Arab nations.
The Federal Decree No. 55 of 2002 issued on 28 October 2002 by the UAE President approved the
new Economic Agreement signed between the GCC (Gulf Co-operation Council) countries which
include the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman on December 31, 2001 in the 22nd
GCC summit held in Muscat, Oman. The new Economic Agreement replaced the first Economic
Agreement signed between the GCC countries on June 18, 1980 and approved by the Federal Decree
No. (47) Of 1982.
The Ministerial Order No. (88) Of 1990 allowed GCC nationals to conduct economic activities in the
industrial field and the Federal Law No. 2 of 1989 allowed them to conduct retail and wholesale
trading in the UAE. The Ministerial Order No. (168 / 9) of 2004 included amendments to the previous
order on allowing GCC citizens to undertake business activities and professions in the country.
The UAE also seeks to deepen mutually beneficial collaboration with Arab nations through the
Greater Arab Free Trade Area Agreement and other bilateral free trade agreements within the
framework of GCC agreements. Under the Greater Arab Free Trade Area Agreement, Syria, Lebanon,
Iraq, Morocco and Jordan are the Arab nations with which the UAE has already signed a number of
free trade pacts.
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International Trade Agreements
Beyond the GCC and Arab world, the UAE has bolstered its trade links and interaction with global
economies. It joined the World Trade Organization in 1996 and became an active member by
participating in various trade negotiations and fulfilling many of its obligations.
The UAE is bound by various trade, economic and technical cooperation agreements with 12
countries in Asia, 8 countries in Africa and Europe and two in South America and Australia.
As part of the GCC's negotiation team, it is currently holding agreement talks to establish free trade
zones with the European Union, Japan, China, India, Pakistan, Turkey, Australia, New Zealand,
Korea and the Group of Mercosur which include Brazil, Argentina, Uruguay and Paraguay. It has
also concluded the negotiations and the signing of free trade agreements with Singapore, European
Free Trade Association (EFTA), Switzerland, Norway, Iceland, the Principality of Liechtenstein and
New Zealand.
All these agreements are aimed at improving wider trade and economic cooperation based on equality
and mutual benefits and in accordance with the laws prevailing in each county.
The UAE has also entered into several agreements on the protection and promotion of investment
and the prevention of double taxation with a number of Arab and foreign countries to facilitate an
attractive investment climate and foster foreign trade in non-oil merchandise.
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6. Agreement between the Government of the Peoples Republic of 17/01/2011, Abu
Bangladesh and the Government of the United Arab Emirates for the Dhabi
Promotion and Reciprocal Protection of Investment.
7. Memorandum of Understanding between the Federation of Bangladesh 18/01/2011, Abu
Chambers of Commerce & Industry (FBCCI) and the Federation of the UAE Dhabi
Chambers of Commerce & Industry (FCCI)
8. Agreement on the Transfer of Sentenced Person between the State of the 27/10/2014,
United Arab Emirates and the Peoples Republic Bangladesh Dubai
9. Agreement on Security Cooperation between the Government of the United 27/10/2014,
Arab Emirates and the Government of the Peoples Republic of Bangladesh Dubai
10. Agreement Between the Government of the Peoples Republic of 27/10/2014,
Bangladesh and the Government of the United Arab Emirates on allotment Dubai
of land in Baridhara Diplomatic Enclave, Dhaka to the Government of the
United Arab Emirates for Construction of its Embassy Premises
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TURKEY
Turkey, known officially as the Republic of Turkey, is a transcontinental Eurasian country. Its
location at the crossroads of Europe and Asia makes Turkey a country of significant geostrategic
importance. The capital of Turkey is Ankara, and the official currency is the Turkish lira (TRY).
The official language of Turkey is Turkish.
The modern Republic of Turkey was established in 1923 with Mustafa Kemal Atatrk as its first
president. Turkey is a democratic, secular, unitary, constitutional republic. It has become
increasingly integrated with the West through membership in organizations such as the Council of
Europe, North Atlantic Treaty Organization (NATO), Organization for Economic Co-operation and
Development (OECD), Organization for Security and Co-operation in Europe (OSCE), and the G-
20 major economies. Turkey began full membership negotiations with the European Union (EU) in
2005, having been an associate member of the European Economic Community (EEC) since 1963
and having reached a customs union agreement in 1995.
Turkey has also fostered close cultural, political, economic, and industrial relations with the Eastern
world, particularly with the Middle East and the Turkic states of Central Asia, through membership
in organizations such as the Organization of the Islamic Conference (OIC) and Economic
Cooperation Organization (ECO).
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Economic Infrastructure
Exports
Turkey exports $150.1 billion (2016 est.) ranking 30th in world comparison. The major exported
commodities are apparel, foodstuffs, textiles, metal manufactures, and transport equipment to the
following countries.
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Imports
Turkey imports $197.8 billion (2016 est.) ranking 22nd in the world comparison. The commodities
are machinery, chemicals, semi-finished goods, fuels, transport equipment from the following
countries.
Country / Area % of imports
China 12%,
Germany 10.3%,
Russia 9.9%,
US 5.4%,
Italy 5.1%
The Turkish economy, the 14th largest economy in the world (in purchasing power parity [PPP]
terms), has grown at quite rapid rates, except for the local 2001 crisis and the global crisis that was
experienced in late 2008 and 2009. The CAGR (Compound Average Growth Rate) realized was 5%
over the last decade, where Turkey grew on average by 7% between 2010 and 2016. Both local and
global developments led the gross domestic product (GDP) growth rate to decline in 2016, where the
economy posted a growth of 2.9%. With the latest figures, the size of the Turkish economy is 857
billion United States dollars (USD) as of year-end 2016, with a per capita GDP of USD 10,808.
Due to its strong fundamentals, demographic structure, and great potentials, foreign direct investment
(FDI) inflows to Turkey have been continuing. Including real-estate investments, Turkey attracted
USD 13.5 billion each year on average between 2010 and 2016.
Turkey has been meeting (or even achieving results below) two of the Maastricht Criterion, namely
public debt/GDP and budget balance/GDP, for more than five years, levels that Eurozone members
could not even reach. The two weakest links are inflation and current account deficit; however,
officials have been taking some measures to cope with these. The Central Banks cautious and
flexible monetary stance and the food committee are expected to lower inflation in the medium-
term. Fall in oil prices and policy implementations to raise savings will be beneficial for balance of
payments.
Turkey's realized export volume was USD 150 billion in 2016, which is expected to escalate due to
expected improvement in the EU countries (the biggest export partner), exchange rate depreciation,
and better geopolitical relations. With the relatively lower oil prices and lower import demand,
Turkey's current account deficit to GDP ratio was 3.3% as of year-end 2016.
According to PwC estimates, Turkey is forecasted to move up the global league rankings for total
GDP to 12th in 2030 and jump one more step above through 2050
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Trade Agreements
EU and Turkey
The EU and Turkey are linked by a Customs Union agreement, which came into force on 31
December 1995. Turkey has been a candidate country to join the European Union since 1999, and
is a member of the Euro-Mediterranean partnership.
Turkey is the EU's 4th largest export market and 5th largest provider of imports. The EU is
by far Turkey's number one import and export partner.
EU exports to Turkey are dominated by machinery and transport material, chemical products
and manufactured goods.
Turkey's exports to the EU are mostly machinery and transport equipment, followed by
manufactured goods.
Turkey's main export markets are the EU (44.5%), Iraq, USA, Switzerland, United Arab
Emirates and Iran.
Imports into Turkey come from the following key markets: the EU (38%), China, Russia,
USA, South Korea and Iran.
Modern Turkey is a free market economy oriented to Western markets. While the private sector
continues to be the country's powerful engine of rapid economic growth, the state has a significant
involvement in essential sectors such as communication, transport, and banking. Modern industry
and commerce play the majority role in the economy, although traditional village agriculture and
crafts are still nurtured. Turkey's economic profile is multi-dimensional in nature. Tourism is a
significant economic sector, while textiles and clothing are the most important manufacturing
industries, supplying the largest percentage of goods for export. Other important industries include
iron, steel, cement, chemicals, and the automotive industry.
Relations between Turkish and Bengali nations have strong historical and cultural roots .Turkey is
one of the biggest exporters for Bangladesh:-
Main commodities exported to Bangladesh: Iron and steel construction material, cotton, milk and
milk products, machines and their components, textile machinery, generators.
Main commodities imported from Bangladesh: Jute yarns & twine, Jute manufacturers knitwear,
woven garments, leather, ceramics.
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Sl. Name of Instrument Date & Place
No of Signing
1. Trade Agreement between the Government of the Peoples Republic of 27 July,1976,
Bangladesh and the Government of the Republic of Turkey. Ankara
2. Agreement on Economic and Technical Cooperation between the Government 09 March,
of the Republic of Turkey and the Government of the People's Republic of 1979, Dhaka
Bangladesh
3. Cultural Agreement between the Government of the Peoples Republic of 09 March,
Bangladesh and the Government of the Republic of Turkey. 1981, Dhaka
4. Agreement of Cooperation on Military Training and Education. 10 March, 1981
Dhaka
5. Banking Agreement between The Government of the Peoples Republic of 5 May,1986,
Bangladesh and the Government of the Republic of Turkey. Dhaka
6. Maritime/Shipping Agreement between The Government of the Peoples 1 November,
Republic of Bangladesh and the Government of the Republic of Turkey. 1986, Dhaka
7. Technical Cooperation Agreement between The Government of the Peoples 14 May, 1993,
Republic of Bangladesh and the Government of the Republic of Turkey Ankara
8. Air Transport Agreement between the Government of the Peoples Republic of 25 March,
Bangladesh and the Government of the Republic of Turkey 1997, Dhaka
9. Agreement between the Government of the Peoples Republic of Bangladesh 31
and the Government of the Republic of Turkey for the Avoidance of Double October,1999,
Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Ankara
Income
10. Agreement between The Government of the Peoples Republic of Bangladesh 14 November,
and the Government of the Republic of Turkey on Cooperation in the Fields of 2010, Dhaka
Health and Medical Sciences.
11. Agreement between The Government of the Peoples Republic of Bangladesh 12 April, 2012,
and the Government of the Republic of Turkey on Cooperation and Mutual Ankara
Assistance in Customs Matters.
12. Agreement between The Government of the Peoples Republic of Bangladesh 12 April, 2012,
and the Government of the Republic of Turkey Concerning the Reciprocal Ankara
Promotion and Protection of Investments.
13. Agreement between The Government of the Peoples Republic of Bangladesh 12 April, 2012,
and the Government of the Republic of Turkey Concerning Mutual Abolition Ankara
of Visas for Holders of Diplomatic, Service/Official and Special Passports.
14. Memorandum of Understanding for Consultation Mechanism between the 9 April, 2004,
Ministry of Foreign Affairs of Turkey and the Ministry of Foreign Affairs of Ankara
Bangladesh.
15. Memorandum of Understanding between Bangladesh and Turkey amending 24 November,
the existing Air Transport Agreement (ATA) singed in 1997 in Dhaka 2010, Ankara
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16. Memorandum of Understanding between The Government of the Peoples 12 April, 2012,
Republic of Bangladesh and the Government of the Republic of Turkey on Ankara
Scientific and Technical Cooperation in Agriculture.
17. Memorandum of Understanding between the Ministry of Finance, Financial 10 June, 2014
Crimes Investigation Board (MASAK) of the Republic of Turkey and the
Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank
18. Cultural Exchange Programme for 1997-99 25 March,
1997, Dhaka
19. Protocol between The Government of the Peoples Republic of Bangladesh and 14 November,
the Government of the Republic of Turkey on Exchange of Land Plots for 2010, Dhaka
Diplomatic Missions.
20. Sister City Protocol between Konya and Sylhet 12 April, 2012,
Ankara
21. Cooperation Programme between The Government of the Peoples Republic of 12 April, 2012,
Bangladesh and the Government of the Republic of Turkey in the Fields of Ankara
Education, Science, Culture, Arts, Media, Youth and Sport.
22. Letter of Intent on Turkeys joining the International Jute Study Group (IJSG) 12 April, 2012,
Ankara
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IRAN
Iran is the second largest economy in the Middle East and North Africa (MENA) region after Saudi
Arabia, with an estimated Gross Domestic Product (GDP) in 2016 of US$412.2 billion. It also has
the second largest population of the region after Egypt, with an estimated 78.8 million people in
2015. Irans economy is characterized by the hydrocarbon sector, agriculture and services sectors,
and a noticeable state presence in manufacturing and financial services. Iran ranks second in the
world in natural gas reserves and fourth in proven crude oil reserves. Economic activity and
government revenues still depend to a large extent on oil revenues and therefore remain volatile.
The 18th largest country in the world in terms of area at 1,648,195 km2 (636,372 sq mi), Iran has a
population of over 74 million. It is a country of particular geostrategic significance owing to its
location in the Middle East and central Eurasia. Iran is bordered on the north by Armenia, Azerbaijan
and Turkmenistan. As Iran is a littoral state of the Caspian Sea, which is an inland sea and
condominium, Kazakhstan and Russia are also Iran's direct neighbors to the north. Iran is bordered
on the east by Afghanistan and Pakistan, on the south by the Persian Gulf and the Gulf of Oman, on
the west by Iraq and on the northwest by Turkey. Tehran is the capital, the country's largest city and
the political, cultural, commercial and industrial center of the nation. Iran holds an important position
in international energy security and world economy as a result of its large reserves of petroleum and
natural gas.
Iran is home to one of the world's oldest continuous major civilizations. Iran is a founding member
of the UN, NAM, OIC and OPEC. The political system of Iran, based on the 1979 constitution,
comprises several intricately connected governing bodies. The highest state authority is the Supreme
Leader. Shia Islam is the official religion and Persian is the official language.
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Economic infrastructure:
Exports
Iran exported $87.52 billion (2016 est.) ranking 38th in world comparison. The main commodities
are petroleum 80%, chemical and petrochemical products, fruits and nuts, carpets, cement, ore to the
following countries:
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Imports
Iran imported $62.12 billion ranking 41st in world comparison. the major commodities are industrial
supplies, capital goods, foodstuffs and other consumer goods, technical services from the following
countries
Iran has a mixed economy that is heavily dependent on export earnings from the country's extensive
petroleum reserves. Oil exports account for nearly 80 percent of foreign exchange earnings. The
constitution mandates that all large-scale industries, including petroleum, minerals, banking, foreign
exchange, insurance, power generation, communications, aviation, and road and rail transport, be
owned publicly and administered by the state. Basic foodstuffs and energy costs are
heavily subsidized by the government. Although economic performance improved somewhat during
1999 and 2000 due to the worldwide increase in oil prices, performance is affected adversely by
government mismanagement and corruption. Unemployment was estimated to be as high as 25
percent, and inflation was an estimated 22 percent. Iran's gross national product (GNP) is the
highest in the Middle East, although its GNP per capita is comparatively low because of Iran's large
and growing population.
Iran's economy is marked by statist policies, inefficiencies, and reliance on oil and gas exports, but
Iran also possesses significant agricultural, industrial, and service sectors. The Iranian government
directly owns and operates hundreds of state-owned enterprises and indirectly controls many
companies affiliated with the country's security forces. Distortions - including inflation, price
controls, subsidies, and a banking system holding billions of dollars of non-performing loans -
weigh down the economy, undermining the potential for private-sector-led growth.Private sector
activity includes small-scale workshops, farming, some manufacturing, and services, in addition to
medium-scale construction, cement production, mining, and metalworking.
24
Resources
oil
natural gas,
coal,
chromium,
copper,
iron ore,
lead,
manganese,
zinc
sulphur.
Trade Agreements
The EU's trade with Iran was subject to restrictions derived from United Nations Security Council
(UNSC) sanctions between 2006 and 2010.
A group of EU and non-EU countries (China, France, Germany, Russia, the United Kingdom and
the United States, with the European Union) and the Islamic Republic of Iran reached an agreement
on a Joint Comprehensive Plan of Action (JCPOA) on 14 July 2015.
The JCPOA dictates limitations to Irans nuclear programme as well as increased monitoring and
transparency in exchange for the relief of existing international sanctions, including on trade. In
response to the JCPOA, the UN began lifting some sanctions in January 2016.
The JCPOA and its implementation open up the possibility of a gradual but substantive
reengagement with Iran at different levels, including bilateral trade.
The United Arab Emirates and China are now Iran's main trade partners, accounting for
23,6% and 22,3% of Iran's trade respectively. The EU only ranks as the fifth trade partner
of Iran, accounting for 6,0% of Iran's trade. The EU used to be the first trading partner of
Iran before the current sanctions regime.
Balance in trade with Iran was 2,7 billion in 2016. Trade balances for the previous 10
years with Iran were mostly negative (except for 2009).
25
The EU exported over 8,2 billion worth of goods to Iran in 2016. EU exports to Iran are
mainly machinery and transport equipment (3,8 billion, 46,2%), chemicals (e1,8 billion,
22,2%), and manufactured goods (0,7billion, 8,8%).
The EU imported almost 5,5 billion worth of goods from Iran in 2016. Most EU imports
from Iran are energy-related (mineral fuels account for 4,2 billion and 77,0% of EU
imports from Iran), followed by manufactured goods (0,4 billion, 8,5%), and food (0,3
billion, 6,8%).
In 2016, EU imports from Iran increased by 344,8% and EU exports increased by 27,8%.
Major Export Items in 2014-15 (In million US $): Woven Garments (0.142), Knitwear (0.338), Agri-Product
(0.149), Raw Jute (0.103), Jute Goods (48.334), Others (0.768)
Major Import Item in 2014-15 (In million US $): Vegetable products (0.004), Products of the chemical or
allied industries (0.187), Plastics and rubber articles thereof (0.939), Optical, photographic, clocks, musical
instruments etc. (0.022).
26
13. Bangladesh Jute Mills Corporation (BJMC) and the Commodity 17 December 1996, Tehran
Procurement and Distribution Center (CPDC)
14. Cooperation in the Fields of Post and Telecommunication 02 January 1996, Tehran
15. International Road and Rail Transport and Transit 12 October 1995, Dhaka
18. Manufacturing of Bitumen, Liquified Petroleum Gas (LPG) and other 12 October 1995, Dhaka
Petroleum products and trading of these products
19. Tehran Chamber of Commerce, Industries and Mines and the 18 July 1995, Tehran
Chittagong Chamber of Commerce and Industry
27
ISRAEL
Israel is a small but diverse Middle Eastern country which has a long coastline on the eastern
Mediterranean Sea and a small window like on the Red Sea at the Gulf of Eilat. Israel has to be
highly urbanized and economically developed society due to technological advancement. In spite
of Israel being an economically developed county, Bangladesh and Israel has no direct trade with
each other. It is seen that Israel gets Bangladeshi products through either USA or EU.
Economic Infrastructure
28
Population below poverty 21% (2014)
line
Gini Coefficient 37.6 (2012; 69th)
Labour force 3.595 million (December 2014 est.)
Labour force by occupation agriculture: 2%, industry: 16%, services: 82% (September 2008)
Unemployment 4.9% (April 2015; est. 56th)
Main industries high-technology products (including aviation, communications,
telecommunications equipment, computer hardware and
software, aerospace and defense contracting, medical
devices, fiber optics, scientific instruments),
pharmaceuticals, potash and phosphates, metallurgy, chemical
products, plastics, diamond cutting, financial
services, petroleum refining, textiles.
Ease of Doing Business 52nd (2017)
Resources
Copper
Phosphates
Bromide
Potash
Clay
Sand
29
Sulfur
Asphalt
Manganese
Small quantities of crude oil and hitherto exploited natural gas.
Ranking
Trade Agreement
Even though Bangladesh and Israel both are present members of the WTO, Bangladesh maintains
a ban on trade with the country Israel. In spite of this, back in 2014 according to the report of
Bangladesh Export Promotion Bureau , around US $2,577 amount of merchandised goods were
exported to Israel. Moreover, it has been found that Bangladesh products are exported to Israel
from either USA or European Union.
Israel has got trade agreement with EU back in 2000 which says to provide an appropriate
framework for political and economic cooperation between the EU and the Israel. It is known as
the EU-Israel Association Agreement.
Flowingly, Israel is in Free Trade Agreement (FTA) with the United States, Bulgaria, Canada,
the Czech Republic, Hungary, Mexico, Poland, Romania, the Slovak Republic, Slovenia, Turkey,
the European Union (EU), and EFTA (Iceland, Liechtenstein, Norway, and Switzerland).
In the year 2011 a trade agreement was signed between Israel and MERCOSUR countries
including Argentina, Brazil, Paraguay, Uruguay, and Venezuela.
On the other hand the agreement with India and China was under discussion.Moreover,Israel also
has a preferential trade agreement with Jordan and had decided to maintain a customs union with
the Palestinian Authority.
30
JORDAN
Jordan officially known as The Hashemite Kingdom of Jordan which is an Arab Kingdom
in Western Asia, on the East Bank of the Jordan River. It is situated at the crossroads of Asia,Africa
and Europe. Amman is the capital city of Jordan with high population. It has been seen that
Jordan is one the best labour export market for Bangladesh.So, it seems to have good terms
between them. Further economic details are mentioned below-
Economic Infrastructure
31
GDP by sector agriculture (4%), industry (30%), services (66%) (2015)
Inflation (CPI) 2.3% (2015)
Population 14.4% (2010)
below poverty line
Gini Coefficient 35.4 (2013)
Labour force 2.02 million (2015 est.)
Labour force by Agriculture (3.6%), Industry (10.1%), Services (77.4%) (2008 est.)
occupation
Unemployment 12.3% (2011 est.)
Main industries Clothing, Phosphate Mining, Fertilizers, Pharmaceuticals, Petroleum
Refining, Cement, Potash, Inorganic Chemicals,
Light Manufacturing, Tourism
Ease of Doing 118th (2017)
Business
Resources
Phosphates
32
Potash
Oil-and gas
Water
Ranking
Trade Agreement
Bangladesh and Jordan have bilateral trade relationship between these two countries.
The trade agreement between two of these countries is explained below -
Agricultural cooperation
Bangladesh and Jordan signed a Memorandum of Understanding on Agricultural help in the year
2011.
According to the MoU, Bangladesh and Jordan "will exchange scientific materials and
information and exchange visits of scientists and engineers in the areas of agricultural science
and technology, field level extension, agricultural production and agro-processing."These two
countries have also decided to form a joint working group which will comprise of experts from
both the countries so that they can facilitate cooperation in the sector under the MoU.
Economic relations
33
Both of the countries have expressed their interests in expanding the trade and investments.
Jordan is one of the largest Bangladeshi labour export market in he world.
In 2011, Jordan lifted a ban on the importation of labour from Bangladesh.On the same year it
tightened the recruitment process soon after there were cases like sexual exploitation of the
female workers and labor strikes.
In 2012, Bangladesh and Jordan signed a memorandum of understanding said that it will monitor
migration, ensure the safety of migrants and also reduce migration costs.In the same year,
Bangladesh and Jordan had prepared a draft agreement so that they could enhance cooperation
on trade. According to that agreement, the two countries will grant "Most Favored Nation" status
to each other and establish a joint trade committee on the basis of cooperation.
As of the report of 2011, it was found that about 30,000 Bangladeshis were-living in Jordan, with
mostly working in service industries.
Instead of having strong trade bonding with Bangladesh Jordan has Free Trade Association with
USA,Canada,Singapore,Malaysia, The European Union,Tunisia,Algeria,Turkey,Libya andSyria.
More of FTA's were planned with Iraq, The GCC, Lebanon,Pakistan, The Palestinian Authority.
Moreover, Jordan is a member of the European Mediterranean Free Trade Area, The Aqadir
Agreement and The Greater Arab Free Trade Agreement.
34
NIGERIA
Nigeria is an African country which lies on the Gulf of Guinea, having mesmerizing natural
landmarks and wildlife reserves. Abuja is the capital city of Nigeria. Nigeria is a country full of
mines. Their economy is satisfactory and it seen that Nigeria and Bangladesh shares a good
export- import relation. The further economic details of Nigeria is mentioned below-
Economic Infrastructure
Economic Statistics
Factors
GDP $492.986 billion (nominal; 2016)
$1,105.343 billion (PPP; 2016)
GDP Rank 21st (nominal) / 20th (PPP)
GDP growth 2.1% (2016)
35
GDP per capita $2,758 (nominal)
$6,184 (PPP)
GDP by sector agriculture: 17.8%
industry: 25.7%
services: 54.6%
(2015)
Inflation Rate 9% (May 2015)
Population 33% (2013)
below poverty
line
Gini 43.0 (2010)
Coefficient
Labour force 74 million (Q2 2015)
Labour Force Accommodation, food, transportation and real estate: 12.2%
by Occupation Education, health, science and technology: 6.3%
Farming, forestry and fishing: 30.5%
Manufacturing, mining and quarrying: 11.3%
Retail, maintenance, repair, and operations: 24.9%
Managerial, finance and insurance: 4.2%
Telecommunication, arts and entertainment: 1.8%
Other services: 8.8%
(2010)
Unemployment 13.9% (Q3 2016)
Main Industries Cement, Oil Refinery, Construction Materials,Food Processing,
beverages, tobacco, textiles,(2015)
Ease of doing 169 (2017)
business
36
South Africa8.4%
Brazil 5.1%
(Q1 2015)
Imports $52.79 billion (2014 est.)
Main China22.5%
import India 7.7%
partners USA 9.6%
Belgium 5.6%
Netherlands 5.4%
Import Machineries, vehicles. Base metals, chemicals , aircraft parts , appliances etc.
Goods
Resources
Gold
Columbite
Uranium
Iron ore
Limestone
Kaolin
Bitumen
Marble
Ranking
37
Trade Agreement
Bangladesh and Nigeria shares a bilateral trade relationship between them. Both of the countries
are a following members of international organisation like Organisation of Islamic Cooperation,
Developing 8 Countries etc.
The chief areas of cooperation between these two counties are -
They also maintain economic cooperation. Both of the countries have mutually expressed their
interests to expand the bilateral trade and investment. Few of the products of Bangladesh have
made a huge recognition in the Nigerian market and they are-
pharmaceuticals
knitwear
cement
jute and jute goods
ceramics
ocean-going vessels
light engineering
leather and plastic goods
Nigerian government has urged Bangladeshi businessmen to invest in the agriculture, food-
processing, pharmaceuticals, medical equipments, ICT and education sectors of Nigeria to make
difference in the world economy market .
Moreover, trade between these two countries stood at 14 million USD back in 2012.In the year of
2014, Bangladesh Tariff Commission prepared a study showing feasibility of the benefits of signing
new Free or Preferential trade agreements with African states and further recommended that
Nigeria along with Mali are the most promising countries for signing such agreements for
maximum output.
38
EGYPT
Egypt officially known as the Arab Republic of Egypt, is a transcontinental country because it has
the northeast corner of Africa and SouthWest corner of Asia which is based on a land bridge
formed by the Sinai Peninsula. Cairo is the capital city of Egypt. The economy of this county is
quite satisfactory and it is seen that there exists a strong bond between Egypt and Bangladesh to
help each other to enhance their economy. The further economic information has been
mentioned below:
Economic Infrastructure
Economic Statistics
Factors
GDP $1.
39
GDP growth 4.4% (2015), 4.3% (2016)
3.9% (2017), 4.6% (2018)
GDP per capita $11,850 (PPP; 2015 est.)
$3,740 (nominal; 2015 est.)
GDP by sector agriculture: 11.2%, industry: 36.3%, services: 52.5% (2015 est.)
Inflation Rate 30.1% (March 2017)
Population 26% (2015)
below poverty
line
Gini 30.8 (2013)
Coefficient
Labour force 29.07 million (Q4 2016)
Labour Force agriculture: 29%, industry: 24%, services: 47% (2011 est.)
by Occupation
Unemploymen 12.4% (Q4 2016)
t
Main Textiles, Food
Industries processing, Tourism, Chemicals, Hydrocarbon, Pharmaceutical, construction
, cement, metals, light manufactures
Ease of doing 122nd (2017)
business
40
Russia4.4%
Italy4.4%
Saudi Arabia 4.1% (2015)
Resources
Groundwater
Petroleum
Iron ore
Gold
Phosphates
Natural Gas
Land , agriculture and crops
Ranking
Trade Agreements
It is seen that Bangladesh and Egypt share common views on International issues such as the D-
8 organization for Economic Cooperation, OIC. With this common view they have created a strong
bond between themselves with a volume of 100 million US Dollars.
41
Bangladesh generally imports goods like
Fertilizer
Iron
Steel
Mining products from Egypt
And exports textiles items to Egypt.
Egypt even wants to recruit around 2500 Bangladeshi skilled workers in different sectors of Egypt
like textiles, garments, construction and tourism to strengthen the existing bond between the
two countries. And as minimum wages, those workers will be getting 500 US dollar worth 40000
BDT per month.
Thus, Egypt decided to formally sign an agreement (MOU) with Bangladesh government.
Other than this, Egypt is signatory to several multilateral trade agreements:
Moreover, Egypt had also signed several bilateral agreements with Arab Countries like: Jordan
(December 1999), Lebanon (March 1999), Libya (January 1991), Morocco (April 1999), Syria
(December 1991), and Tunisia (March 1999). Additionally, in 1995, Egypt and China entered into
their trade accord. Egypt is also in an economic treaty with Russia.
In June 2001, Egypt signed an Association Agreement with the (EU) which had its implication from
June 1, 2004. The agreement further provided for immediate duty free access of Egyptian
products into EU markets, while this duty free access for EU products was phased in for a 12years
period. In2010, Egypt and the EU had completed an agricultural annex to their FTA, giving the
liberty to trade in over 90 percent of agricultural goods.
42
ALGERIA
Algeria is the tenth largest country in the world, and the largest in Africa, with an area of 2,381,741
square kilometers (919,595 sq. mi). Algeria is the regional and the middle power, where the
exports are the backbone of the country. According to OPEC (The Organization of Petroleum
Exporting Countries), has the 16th largest oil reserves in the world and first in Africa.
43
Export destinations and Export origins
Ranking
International Trade
Algeria managed to keep a trade surplus over years. The country has been sufficiently rich in the
production of Hydrocarbons, which kept a margin of over 90 percent of the exports of the country.
Putting a remarkable present in economic terms, Algeria has shown a constant growth over years.
In 1990, the international trade surplus accounted 4.4 billion dollars, with exports of 13.7 billion
and imports of 9.3 billion: which eventually state the economic solvency and the self-sufficiency
of the country over last decade. The country equally survived and sustained even when the oil
prices dropped, as they did in 1998 when the trade surplus reached 1.5 billion U.S. Dollars. Though
the export import figures were uneven, with having a slight increase and decrease equally in
exports and imports over years, but the sufficient economic factor kept the export surplus constant.
The value of the exports had an increase in between 1987 and 1995, while the merchandise imports
had a downfall from 1996 to 1998. Though the increase of the domestic demand in 1999 caused a
slight increase in imports, but having mentioned earlier, the export surplus was constant over years.
Much of Algerias trade are conducted within the European Union and the United States. Italy is
the leading country to contribute, keeping a margin of over 17 percent of its exports over the last
decade. France and Spain are the two following countries after Italy, which as well contributed
much for the exports of Algeria.
44
Years Exports Imports
1975 4 Billion Dollars 5 Billion Dollars
1980 13 Billion Dollars 10 Billion Dollars
1985 12 Billion Dollars 9 Billion Dollars
1990 12 Billion Dollars 9 Billion Dollars
1995 10 Billion Dollars 10 Billion Dollars
The Gross Domestic Product Rate also had and increase over years. From 2001 to 2016, the
average growth rate was 3.66 percent where the last year had a growth of 3.30 percent.
Trade Agreement
Bangladesh and Algeria
Though the existing trades between these two countries do not show much potential, but
Bangladesh and Algeria have shown interest in expanding the bilateral economic activities
between the two countries. Bangladesh Pharmaceuticals, melamine and leather goods have been
identified as products with good potential in the Algerian Market.
Trade and Investment Framework Agreement: In 2001, the United States and Algeria signed a
Trade and Investment Framework agreement (TIFA) that created a platform for trade provisions
discussions.
European Union: In 2002, Algeria signed an association Agreement with the European Union,
which aims to convert the Mediterranean basin in a giant trade free zone.
45
MOROCCO
Morocco officially known as the Kingdom of Morocco is a sovereign country located in the
Maghreb region of North Africa. Geographically, Morocco is characterized by a rugged
mountainous interior, large tracts of desert and a lengthy coastline along the Atlantic Ocean and
Mediterranean Sea. Morocco is an intermediate-income country. Slightly below the average of
North African countries, the Moroccan GDP has grown steadily in the last decade reaching an
average rate between 4% and 6% since 2001.
46
Export destinations and Export origins
Ranking
International trade
For the past decade, Morocco has been dependent on imports and more, and as a result a balance
of regular trade has been maintained. In 1999, the import value was $ 12.2 billion, but in 2000
only $ 7 billion was exported. Capital goods (industrial and semi-finished products) import more
than half of Morocco: food and beverage, consumer goods, and fuel.
Morocco's export base is diversified, with being the largest contributor to phosphate and phosphate
byproducts, accounting for one third of the textile and leather items comes in second place,
followed by fish and fish products.
Morocco has been tolerating enough for years and the trade balance was offset by partial tourist
receipts and remittances taken by Moroccans working abroad. A member of the Moroccan World
Trade Organization, which has determined that the duty on goods will be reduced, the government
has gradually reformed the trade sector and by allowing a new foreign trade law to overcome the
barriers to export, which impedes the state's role in the export of goods, and which imports the
import Liberalization.
The dependence of the government on tariffs mainly defines its uncertainty in the implementation
of trade reform. As a result, Morocco is running a trade deficit, which forces her to borrow a large
amount of money to cover her expenses.
47
Years Exports Imports
1975 1 Billion Dollars 2 Billion Dollars
1980 2 Billion Dollars 4 Billion Dollars
1985 2 Billion Dollars 3 Billion Dollars
1990 4 Billion Dollars 6 Billion Dollars
1995 6 Billion Dollars 10 Billion Dollars
Trade Agreements
World Trade Organization (WTO)
Arab Maghreb Union (AMU)
the Greater Arab Free Trade Area (GAFTA)
Agadir Agreement: Arab-Mediterranean Free Trade Agreement
European Free Trade Association (EFTA)
European Community (EC)
48
ZIMBABWE
Zimbabwe, a landlocked country in South Africa, with a population of 16,150362: 73rd highest in
the world. The country is very low on economic terms, which very less self-sufficiency and export
oriented.
49
Imports 5.135 Billion
Import Goods Machinery and Transport equipment, Chemical, fuels, Food products
etc.
Ranking
International Trade
Export of goods and services increased by about 6.3 percent between 1965 and 1997, and in 1997
more than 32 percent of exports of total merchandise exports. Zimbabwe's export partners have
changed the diversity year after year. In 1996, South Africa, Botswana, Lesotho and Swaziland
(38 percent import and 12 percent exports) - all members of the South African Customs Union.
Membership in the Common Market in East and South Africa (Zimbabwe), an important trading
partner in the UK (9% import and export of 12%), Japan (5% import and export of 6%), Germany
(6% import) and United States (5)) Traditionally, regional trade has given access to new markets.
Traditionally, Zimbabwe exporters have been disappointed due to limited availability of foreign
currency with potential partners. Trade liberalization in recent increase following the Zimbabwe's
domestic market of South Africa has taken an even larger share.
Trade Agreements
Zimbabwe has bilateral trade agreements with several countries in which all qualifying goods enter
the territory of one another without payment of customs duty:
50
SENEGAL
After two decades of Civil War, the country maintained an informal economy based on livestock,
foreign remittance and telecommunications. The country is referred by the United Nations as a
least developed country.
51
Export destinations and Export origins
Ranking
International trade
For the export revenues of Senegal, it is widely dependent on basic products such as phosphate,
phosphate, fish and cotton. If France is the largest trade partner in Senegal, Senegalese exports
have declined in the past decade. In 1990, about 34.4 percent of exports from Senegal were
exported to France. By 1999, the number dropped to 17 percent. Other important business partners
include India (17 percent), Italy (12 percent), Spain (6 percent), Mali (6 percent) and Coat Ivor (4
percent).
Over the years, the trade volume of major industrialized European countries has decreased, instead
of Asian or other African countries. UNCTAD 2000, a recent United Nations UN publication on
trade and development of the United Nations indicates that art is less imported from the African
continent. Contrary to the incompetence of African countries in competing with Latin American
and Asian countries for the markets of the developed countries.
Senegal currently exports mainly to other developing countries. Most of them are African, the most
important of which are Cameroon, Ivory Coast, Mali, Mauritania and Nigeria. In 1998 (January-
June), developing countries bought 67.7 percent of Senegalese exports. This number has doubled
in the eight-year period of the 1990s, when developing countries only took 34.3 percent of all
Senegalese import-export.
1. France
2. Switzerland
3. Denmark
4. Finland
5. Spain
6. Italy
7. Netherlands
8. South Korea
9. Romania
10. Japan
11. Australia
12. Mali.
53
SOMALIA
The Federal Republic of Somalia, a country located at the horn of Africa, accumulates a population
of 14.4 million. Though in antique ages, Somalia was a key commercial center, but over years the
economy fell eventually making it a lower economic country.
GDP $5.8Billion
GDP Rank 163rd
GDP Growth -1.5%
GDP Per Capita 426 Dollars
GDP by Sector Agriculture 40% Industry 13 %, Fishing 21%
Inflation (CPI) -3.5%
Labor Force 3.13 million(agriculture - 71% , industry and services - 29%)
Unemployment 54%
Key Industries sugar refining, textiles, livestock, money transfer,
telecommunications
54
Export destinations and Export origins
International Trade
Based on the international trade of Somalia, reliable information is difficult to find, so much of
what is presented here is based on the structure before 1991. Somalia's foreign trade deficit, which
almost all of the foreign aid was funded in 1987 was $ 300 million US dollars Trade balance
between 1980 and 1990
Decades were negative in the decade.
The latest reliable reports were for 1990, when the export was $ 13 million and the amount of
imported $ 360 Million US dollars.
Surprisingly, most of the decades have not changed since these statistics have been published:
According to 1998, the export was US $ 87 million and imports $ 327 million US dollars. The
main difference is that, before 1991, the trade deficit was met by assistance, now it is covered by
remittance from Somali Daspora.
Main exports are largely unchanged, which mainly include agricultural raw materials and livestock
with food items and bananas, which are then hidden and skins, fish and fishes and Murrah. Saudi
Arabia's main goal in 1997 was Saudi Arabia, 57 percent, United Arab Emirates (15 percent), Italy
(12 percent) and Yemen (8 percent).
Somalia mainly imported food, transport equipment, heavy machinery, consumer goods, cement
and building materials, fuel, iron and steel. Djibouti was the main supplier of imported goods in
1997, of which 20 percent were Kenya (11 percent), Belarus (11 percent), India (10 percent), Saudi
Arabia (9 percent) and Brazil (9 percent).
55
OMAN
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government
revenue. In 2015, low global oil prices drove Omans budget deficit to $6.5 billion, or nearly 11%
of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit.Oman is using
enhanced oil recovery techniques to boost production and has actively pursued a development plan
that focuses on diversification, industrialization, and privatization, with the objective of reducing
the oil sector's contribution to GDP from 46% at present to 9% by 2020. Tourism and gas-based
industries are key components of the government's diversification strategy.Muscat also is focused
on creating more jobs to employ the rising number of Omanis entering the workforce. Increases in
social welfare benefits, however, particularly since the Arab Spring, dating to 2011, have
challenged the government's ability to effectively balance its budget, as oil prices decline. Omani
officials intend to reduce social entitlements to cut the deficit but have faced stiff public opposition
to spending cuts, hindering their implementation.
Economic Infrastructure
GDP rank 64th (nominal) / 74th(PPP)
GDP growth 2.9% (2014 est)
GDP per capita $43,800 (2014 est)
GDP by sector agriculture 1.2%, industry 65.1%, services 39.1% (2014 est.)
Inflation (CPI) 1% (2014 est.)
Population NA%
below poverty
line
56
Labour force 968,000 (2007 est.)
Unemployment 15% (2004 est)
Main industries crude oil production and refining, natural and liquefied natural gas (LNG) production;
construction, cement, copper, steel, chemicals, optic fiber
Ease-of-doing- 66th (2017)
business rank
Resources
petroleum,
copper
asbestos
some marble
limestone
chromium
gypsum
natural gas
57
Ranking
Trade Agreement
58
KUWAIT
Kuwait is a small, petroleum-based economy. The Kuwaiti dinar is the highest-valued unit of
currency in the world. Non-petroleum industries include financial services. According to
the World Bank, Kuwait is the fourth richest country in the world per capita. Kuwait is the
second richest GCC country per capita (after Qatar).
Economic Infrastructure
59
Export destinations and import origins
Resources
Petroleum
Fish
Shrimp
natural gas
Ranking
Organization Survey Ranking
Institute for Economics and Peace Global Peace Index 40 out of 144
60
Trade Agreement
6. MOU on bilateral Consultations between Foreign Ministry of the two 11 June 2006,
countries Kuwait
7. MOU on Exchange of Plots for Diplomatic Mission of the both Countries 11 June 2006,
Kuwait
8. Agreement between the Governments of Bangladesh and the State of 08 February 2010,
Kuwait on Cooperation in the field of Culture and Arts Kuwait
10. Agreement between the Government of Bangladesh and the Government 08 February 2010,
of the State of Kuwait for the Economic and Technical Cooperation Kuwait
11. MOU between Government of Bangladesh and the Government of the 08 February 2010,
State of Kuwait on the establishment of a Joint Commission for Bilateral Kuwait
Cooperation
12. Agreement between Ministry of Defense, Kuwait and Ministry of 02 May 2010,
Defense of Bangladesh for the deputation of the Bangladesh Armed Kuwait
Forces Personnel to the State of Kuwait
13. Trade Agreement between the Government of Bangladesh and the State 14 February 2011,
of Kuwait Kuwait
14. Agreement between NBR, BD and Ministry of Finance, Kuwait for the 19 Feb 2014,
avoidance of Double Taxation and the Prevention of Fiscal Evasion with Kuwait
respect to Taxes on Income
61
SOUTH AFRICA
The economy of South Africa is the most industrialized in Africa South Africa accounts for
35 percent of Africa's gross domestic product (PPP), and it is ranked as an upper-middle-income
economy by the World Bank one of only four such countries in Africa
(alongside Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of
international sanctions, South Africa's Gross Domestic Product has almost tripled to $400 billion,
and foreign exchange reserves have increased from $3 billion to nearly $50 billion creating a
diversified economy with a growing and sizable middle class, within two decades of
establishing democracy and ending apartheid. In 2016 the top five challenges to doing business
in the country were inefficient government bureaucracy, restrictive labor regulations, a shortage
of educated workers, political instability, and corruption, whilst the country's strong banking
sector was rated as a strongly positive feature of the economy. The nation is amongst the G-20,
and is the only African member of the group.
Economic Infrastructure
GDP $280.37 billion (2017 est.) (nominal; List of countries by GDP (nominal))
$758.12 billion (2017 est.) (PPP; List of countries by GDP (PPP))
GDP rank 41st (nominal) / 31st (PPP)
GDP growth 1.3% (2015), 0.3% (2016e),
0.6% (2017f), 1.1% (2018f)
62
GDP per capita $5,101 (2017 est) (nominal; 88th)
$13,215 (2017 est.) (PPP; 90th)
GDP by sector agriculture 2.5%, industry 31.6%, services 65.9% (2011 est.)
Inflation (CPI) 4.4% (January 2015)
Population 26.2% (2011 est.)
below poverty line
Labour force 20.994 million (Q1, 2015 est.)
Labour force by agriculture: 9%, industry: 26%, services: 65% (2007 est.)
occupation
Unemployment 27.1% (Q3 2016)
Main industries mining (world's largest producer of platinum), gold, chromium, automobile
assembly, metalworking, machinery, textiles, iron and steel, chemicals,
fertilizer, foodstuffs, commercial ship repair
Ease-of-doing- 74th (2017)
business rank
63
Resources
Gold
Chromium
Antimony
Coal
iron ore
manganese
nickel
phosphates
tin
rare earth elements
uranium
gem diamonds
platinum
copper
vanadium
salt
natural gas
Ranking
Wine production ranked 9 in 2011
Corn production ranked 10 in 2012
Draft Agreement from Bangladesh Government is sent to South Africa for approval
64
UGANDA
Endowed with significant natural resources, including ample fertile land, regular rainfall, and
mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed.
The Economy of Uganda has great potential, and it appeared poised for rapid economic growth
and development.
Chronic political instability and erratic economic management since self-rule has produced a
record of persistent economic decline that has left Uganda among the world's poorest and least-
developed countries. The national energy needs have historically been more than domestic energy
generation, though large petroleum reserves have been found in the west.
After the turmoil of the Amin period, the country began a program of economic recovery in 1981
that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal
and monetary policies and the renewed outbreak of civil strife led to a setback in economic
performance.
The economy grew since the 1990s. Real gross domestic product (GDP) grew at an average of
6.7% annually during the period 19902015, whereas real GDP per capita grew at 3.3% per annum
during the same period. During this period, the Ugandan economy experienced economic
transformation: the share of agriculture value added in GDP declined from 56% in 1990 to 24% in
2015; the share of industry grew from 11% to 20% (with manufacturing increasing at a slower
pace, from 6% to 9% of GDP); and the share of services went from 32% to 55%.
65
Economic Infrastructure
Export goods Coffee, fish and fish product, tea, cotton, flowers, horticultural products, gold
Main export Kenya 12.3%
partners
Rwanda 10.3%
UAE 10.2%
DR Congo 9.4%
Netherlands 6.1%
Germany 5.6%
Italy 4.4% (2012)
Imports $4.858 billion (2013 est.)
Import goods capital equipment, vehicles, petroleum, medical supplies; cereals
Main import Kenya 15.6%
partners
UAE 15.4%
China 12.8%
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India 11.7%
South Africa 4.1%
Japan 4% (2012)
FDI stock $8.821 billion (2013)[5]
Current account $1.908 billion (2013 est.)
Gross external $5.223 billion (31 December 2013 est.)
debt
Resources
Copper
Cobalt
Hydropower
Limestone
Salt
arable land
gold
Ranking
Organization Survey Ranking
Institute for Economics and Peace[1] Global Peace Index[2] 103 out of 144
United Nations Development Program Human Development Index 157 out of 182
Transparency International Corruption Perceptions Index 130 out of 180
World Economic Forum Global Competitiveness Report 108 out of 133
BangladeshUganda relations refer to bilateral relations between Bangladesh and Uganda. The
relationship is primarily based on the agricultural sector and poverty reduction. Neither country
has a resident ambassador.
A number of Bangladeshi NGOs are operating in Uganda and have influential presence in the
social development of the country. Bangladesh based BRAC is currently the largest NGO
operating in Uganda. Established in 2006, BRAC Uganda is engaged in microfinance, small
enterprise, education, agriculture, livestock and poultry, health and adolescent empowerment in
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the country. As of 2013, BRAC has presence over 74 districts of Uganda operating from 150
branches nationwide.
Bangladesh and Uganda have signed an MOU for agricultural cooperation.[4] To ensure
future food security, Bangladesh has been looking for lease of lands in other countries to grow
food which would be exported to Bangladesh and Uganda has been one of the most desirable
destinations.[5][6] Several Bangladeshi companies have leased out unused cultivable lands in
Uganda for commercial farming in this purpose.
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BAHRAIN
Bahrain has been one of the Gulfs most important commercial crossroads for over 4000 years.
The word Bahrain means two seas in Arabic, indicating how the countrys geographic position
as a collection of islands has been important throughout its history. As the land of the ancient
Dilmun civilization, Bahrain has long been a trading centre linking east and west. The country has
benefited from its position at the centre of the Gulfs trade routes and rich pearl diving industry.
By the mid-19th century, the country was the Gulfs pre-eminent trade hub, emerging as a modern
state. Merchants from countries across the Gulf and beyond established themselves on the islands.
Bahrain was the first Gulf state to discover oil, in 1932, and in the past 40 years has led the regional
transition to a modern economy. In 2002, Bahrain became a constitutional monarchy, and a
democratically elected parliament was established. This marked the beginning of a period of on-
going reform. The country also has an established legal framework and respected regulatory
system.
Economic Infrastructure
GDP by sector Agriculture: 0.3%, Industry: 33.8%, Services: 65.9% (2016 est.)
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Inflation (CPI) 3.5% (2016)
Population
NA%
below poverty line
Labour force 809,700 (2016 est.)
Labour force by
Agriculture: 1%, industry: 32% , services: 67% (2016 est.)
occupation
Unemployment 4.1 % (2016)
1. Petroleum refining
2. Aluminum production
3. Finance
Main industries
4. Construction materials (especially cement for export)
5. Construction
Ease of Doing
66th (2017)
Business
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Resources
Oil
associated and non-associated natural gas
fish
pearls
Ranking
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QATAR
The State of Qatar is a sovereign and independent state in the Middle East, occupying a peninsula
that juts into the Arabian Gulf. Since its complete independence from Britain in 1971, Qatar has
emerged as one of the world's most important producers of oil and gas. It is an Islamic State whose
laws and customs follow the Islamic tradition. Since 2013, the country has been governed by HH
Sheikh Tamim bin Hamad bin Khalifa Al-Thani.
Location and geography
The State of Qatar is a peninsula located amid the western coast of the Arabian Gulf. The
peninsular is approximately 100km across and extends 200km into the Gulf. Qatar includes several
islands the largest of which are, Halul, Shraouh and Al-Asshat shares its southern border with
Saudi Arabia and a maritime border Bahrain, the United Arab Emirates and Iran.
Area: Qatar occupies an area of 11,521 square kilometers.
Population: Qatar has a population of approximately 2.5 million.
Capital City: Qatars capital city is Doha (in Arabic, ad-Dawa, which means the big tree).
Major Cities: Doha (capital), Al-Wakrah, Al-Khor, Dukhan, Al-Shamal, Msaieed, Ras Lafan and
others.
Religion: Islam is the official religion of the State of Qatar, and the Islamic Law (Sharia) shall be
the principal source of its legislation.
Language: Arabic is the official language of the country, though English is widely spoken.
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Climate: Qatar has a desert climate with hot summers, warm winters and scarce rainfall.
Currency:
Qatari Riyal (1 Riyal = 100 Dirhams).
The Riyal is pegged to the US Dollar ($US 1 = QAR 3.65).
Export-import
Qatar is a small open economy that depends to a great extent on the outside world. Most of
government revenues come from exports revenues of oil and gas. Exports and imports compose a
major proportion of GDP. Exports as a percentage of GDP ranged from 50% to 72% during the
period of study. Imports ratio to GDP varied from 18% to 43% for the same period. Oil and
Liquefied Natural Gas (LNG) exports are the backbone of Qatar total exports, and the country
imports almost everything else from consumer products to capital goods needed to promote its
exports sector. Export oriented industrial strategy, where the production of competitive industrial
domestic goods and services for export purposes are encouraged. Although Qatar is small in area
and population, it has considerable international links. Qatar international status as an oil and LNG
exporter and capital surplus nation has extended its presence in world trade and investment. Total
trade to GDP constitutes 75%, which make the economy open and vulnerable to world market
volatilities. Qatars GDP relies heavily on Oil and in the last decade on Oil and Gas. GDP growth
has averaged a high 11.8% per annum for the period from 1981-2011. This rate of growth is
unmatched by any developing countries, and is due to heavy investment in hydrocarbon industries.
LNG project is the largest in the world with an annual production of about 77 million tons. Major
industries that depend on oil and gas for input and directed for exports were established.
Petrochemical industries, fertilizers and aluminum are such industries. Exports grew on average
of 12% per annum for the period of study, and imports scored 12.4% of growth a year on average
for the last thirty years of Qatars economy.
Exports Imports
Year
(In US Dollar per million) (In US Dollar per million)
2006 34,051 16,440
2008 67,307 27,900
2010 74,964 23,240
2012 133,717 30,787
2014 131,592 30,448
2016 57,311 32,060
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In 2016 Qatar exported $57.31B; making it the 39th largest exporter and imported $32.06B;
making it the 49th largest importer in the world. As of 2016 Qatar had a positive trade balance of
$25.25B in net exports.
The top exports of Qatar are -
Petroleum Gas ($33.5B)
Unspecified ($9.9B),
Crude Petroleum ($8.85B)
Refined Petroleum ($2.31B)
Sulphur ($199M)
GDP
GDP GDP growth
Year
(In US Dollar per million) (Annual %)
2006 60882.14 26.17
2007 79712.08 17.99
2008 115270.05 17.66
2009 97798.35 11.96
2010 125122.31 19.59
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2011 167775.27 13.38
2012 186833.51 4.69
2013 198727.75 4.41
2014 206224.73 3.98
2015 164641.48 3.55
2016 152468.69 2.33
Trade Agreements
Qatar is a strong supporter of regional integration and has ties with several Arab League member
states. Qatar has signed several bilateral agreements to ease trade and investment restrictions with
Arab countries in the Gulf and North Africa. Over the past ten years, Qatar has signed bilateral
investment protection agreements with several countries, including Belarus, Bosnia and
Herzegovina, China, Croatia, Cuba, Finland, France, Germany, India, Iran, South Korea, Morocco,
Pakistan, Romania, Senegal, Sudan, Switzerland and Turkey.
Open to Foreign Investment
Qatar generally encourages investment by foreigners. A law passed in Oct 2016 allows Non-
Qataris to invest up to 100% of the project capital in all sectors as long as they have a Qatari
agent. With certain exceptions, Qatars foreign investment law limits foreign ownership of local
entities to 49% of the entitys capital. However, foreign investors may own 100% of an entitys
capital in sectors like agriculture, industry, health care, education, tourism, and the exploitation
and development of natural resources subject to approval by the Government of Qatar
(GoQ). The law further states that, when approving majority foreign ownership in a project,
preference should be given to: 1) those using locally available raw materials, manufacturing
products for export, producing new product or using advanced technology; and 2) those facilitating
the transfer of technology and know-how to Qatar, thus further promoting the development of
national human resources.
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Export Benefits of the Agreement:
A common external customs tariff (CET)
Common customs regulations and procedures
Single entry point where customs duties are collected
Elimination of all tariff and non-tariff barriers, while taking into consideration laws of
agricultural and veterinarian quarantine, as well as rules regarding prohibited and
restricted goods
Investment Benefits of the Agreement:
Unify all investment-related laws and regulations
Accord national treatment to all investments owned by GCC natural and legal citizens
Integrate financial markets in Member States, and unify all related legislation and
policies.
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Allowing member countries to implement agricultural calendars so as to be able to
suspend tariff reductions on a maximum of 10 agricultural commodities during the
months of peak production.
Investment Benefits of the Agreement: The GAFTA does not have any explicit clause
relating to investment however member countries established sub-agreements which seek
to foster greater investment between them. So far two such sub agreements have been
signed which are as follows
Investment Promotion and Protection Agreement signed on June 7th 2000. Members
up to date are: Jordan, Sudan, Egypt, Syria, Iraq and Libya
Investment Dispute Settlement in Arab countries signed on Dec 6th 2000. Members
are: Jordan, Egypt, Syria, Iraq and Libya
Gulf Co-operation Council and the European Free Trade Area FTA (GCC-EFTA FTA)
The provisions contained in this Agreement are applicable to both the trade in goods and services.
And to achieve the liberalization of trade in services, in conformity with Article V of the General
Agreement on Trade in Services. In addition, to this the Agreement seeks to promote competition
in the respective signatory countries. At the same time the agreement hopes to ensure adequate
and effective protection of intellectual property rights. In the area of government procurement the
Agreement looks to liberalize the markets so that companies in the signatory countries are treated
as national. The fnal aspect of the Agreement is to increase the level of investment opportunities
in the respective countries. The nontrade aspects seek to enhance the economic relations between
the member countries.
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CC Singapore Free Trade Area (GSFTA)
The GCC and Singapore agreed to launch negotiations on a free trade agreement in November
2006. After four rounds of talks, the GSFTA negotiations were concluded on 31 January 2008.
The GCC-Singapore FTA (GSFTA) is a comprehensive free trade agreement between Singapore
and the GCC countries that includes the trade in goods and services under the articles GAT and
GATS. The Agreement also includes provision to foster greater investment between the
signatories. In the case of trade the rules of origin and customs procedures for goods between the
countries have been simplified. Furthermore, the Agreement seeks to create a level playing field
as far as government procurement is concerned.
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GHANA
Ghana was the first place in sub-Saharan Africa where Europeans arrived to trade - first in gold,
later in slaves. It was also the first black African nation in the region to achieve independence from
a colonial power, in this instance Britain. Despite being rich in mineral resources, and endowed
with a good education system and efficient civil service, Ghana fell into victim to corruption and
mismanagement soon after independence in 1957. Ghana was formerly known as the Gold Coast.
On 6 March 1957 Kwame Nkrumah declared the country's independence. On 1 July 1960, Ghana
became a commonwealth republic with Nkrumah as the first President of the country.
Economic Infrastructure
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9. Imports and Exports.
10. Energy.
11. Hydrocarbon and mining.
12. Tourism.
13. Agriculture
Ease of Doing
120th (2017)
Business
Switzerland ($1.87B)
India ($1.56B)
The United Arab Emirates ($1.43B)
Main export partners
China ($941M)
Vietnam ($549M)
China ($4.67B)
The United States ($831M)
The United Kingdom ($749M)
Main Import partners
India ($712M)
The Netherlands ($485M)
Resources
gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower, petroleum,
silver, salt, limestone
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Ranking
Organization Survey Ranking
Heritage Foundation and Index of Economic Freedom 91 out of 157
Wall Street Journal
Institute for Economics and Global Peace Index 50 out of 158
Peace
Trade Agreements
The relations between Ghana and the European Union (EU) in the area of trade and private sector
development can be viewed from three main angles:
The importance of bilateral trade
The Economic Partnership Agreement
Development cooperation geared towards creating favorable conditions for private sector
development
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over 20 years. This asymmetric and gradual opening of the Ghanaian market to European goods
takes into account the different level of development between Ghana and the EU and affords
enough flexibility to protect sensitive sectors as well as to preserve fiscal revenues.
Development Cooperation
Private Sector & Trade features are part of the non-focal areas of cooperation in the Country
Strategy Paper (CSP) 200813 under the 10th European Development Fund (EDF). In this context,
the EU provides support to Ghana in the areas of trade facilitation and regional integration. The
wider objective is to promote a trade-enabling environment as well as a sub-regional integration
so as to diversify and increase the export base of Ghana to enable the country to take advantage of
the regional and global markets. Interventions thus have aimed at:
Supporting the removal of supply related constraints in Ghanas private sector which limit
the countrys capacity to respond positively to liberalization and regional integration.
Ensuring compliance with Sanitary and Phytosanitary (health standards) and quality
control requirements so as to facilitate the exploitation of non-traditional export markets
identified, with a focus on fresh and processed agricultural products.
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Apart from the aged old existing model of trade involving commodities, Cuba for instance under
an agreement provides for free medical assistance and training for Ghanas health sector and
professionals. Even though such an agreement has been in existence for some time now, this thesis
aims at making such recommendations to the government of Ghana to shift from the old modality
of trade and adopt other innovative measures with developed economies by way of trade policies
to strengthen other sectors of the economy to enhance rapid economic growth. With the negative
growth indices on the economy it is evident that Ghanas needs to implement new economic
policies through trade relations to enhance sustainable growth and development. In this next
chapter, the thesis researches into the bilateral trade relations between Ghana-China to examine
the existing trade modalities and if this have been of immense benefits to the development of
Ghana as expected.
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MADAGASCAR
Madagascar is an island country lying off the southeastern coast of Africa. Madagascar is the
fourth largest island in the world, after Greenland, New Guinea, and Borneo. Although located
some 250 miles (400 km) from the African continent, Madagascars population is primarily related
not to African peoples but rather to those of Indonesia, more than 3,000 miles (4,800 km) to the
east. The Malagasy peoples, moreover, do not consider themselves to be Africans, but, because of
the continuing bond with France that resulted from former colonial rule, the island developed
political, economic, and cultural links with the French-speaking countries of western Africa. The
animal life and vegetation of the island are equally anomalous, differing greatly from that of nearby
Africa and being in many respects unique. Although the coastlands have been known to Europeans
for more than 400 years and to Arabs for much longer, recent historical development has been
more intense and concentrated in the central plateau.
Location and geography:
Madagascar is located in the southwestern Indian Ocean and is separated from the African coast
by the 250-mile- (400-km-) wide Mozambique Channel. A steep, narrow escarpment runs along
Madagascar's eastern coast, and the island's remaining tropical rainforest is located here. Along
the west coast of the island swamps of mangroves give way to deep bays. Moving inland, the
central highlands are punctuated by grassy, deforested hills bordering rice-growing valleys. At the
north end of the island, the Tsaratanana Massif region is home to Madagascar's highest point,
Maromokotro at 9,435 ft. (2,876 m).
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Area: Madagascar has a total area of 587,040 square kilometers (226,660 sq mi) with 581,540
square kilometers (224,530 sq mi) of land and 5,500 square kilometers (2,100 sq mi) of water.
Population: The population of the country is more than 24.89 millions.
Capital City: Antananarivo
Major Cities: Toamasina, Antsirabe, Mahajanga, Fianarantsoa, Antananarivo are the major
cities of Madagascar.
Religion: Approximately 55 percent of the total population adheres to traditional beliefs, and 40
percent are Christian, about evenly divided between Roman Catholics and Protestants, the
remaining 5 percent being Muslim.
Language: The Malagasy language--spoken throughout Madagascar by the entire population--is
the only one in the African region that belongs to the Malayo-Polynesian language family.
Linguists believe that it shares a common origin with, and is most closely related to Maanyan, a
language spoken in southeast Borneo.
Climate: The hot, wet season extends from November to April and the cooler, drier season from
May to October. The climate is governed by the combined effects of the moisture-
bearing southeast trade and northwest monsoon winds as they blow across the central plateau. The
trade winds, which blow throughout the year, are strongest from May to October. The east coast
is to the windward and has a high annual rate of precipitation, reaching nearly 150 inches (3,800
mm) at Maroantsetra on the Bay of Antongil. As the winds cross the plateau, they lose much of
their humidity, causing only drizzle and mists on the plateau itself and leaving the west in a dry rain
shadow. The southwest in particular is almost formed of desert, with the dryness aggravated by a
cold offshore current.
Currency: Malagasy Ariary
Export-Import
Madagascar is the 85th largest export economy in the world and the 81st most complex economy
according to the Economic Complexity Index (ECI). In 2016, Madagascar exported $2.18B and
imported $2.79B, resulting in a negative trade balance of $609M. In 2016 the GDP of
Madagascar was $10B and its GDP per capita was $1.51k.
Vanilla ($408M)
Raw Nickel ($381M)
Cloves ($149M)
Knit Sweaters ($144M)
Crustaceans ($94.9M)
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Its top imports are-
France ($537M)
The United States ($292M)
Germany ($189M)
China ($144M)
Japan ($115M)
China ($942M)
France ($355M)
Mauritius ($160M)
South Africa ($155M)
India ($147M)
Exports Imports
Year
(In US Dollar per million) (In US Dollar per million)
2006 1639.79 2524.57
2007 2226.35 3823.25
2008 2498.72 5356.80
2009 1912.66 4414.32
2010 2180.21 3758.11
2011 2645.64 4187.94
2012 2877.19 4361.40
2013 3100.23 4594.33
2014 3205.96 4564.71
2015 3352.78 4335.17
2016 3246.55 3556.67
GDP
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2010 8729.93 0.26
2011 9892.08 1.45
2012 9919.52 3.03
2013 10601.69 2.26
2014 10673.02 3.32
2015 9738.65 3.05
2016 9990.65 4.20
Trade Agreements
Export processing Zone
The Export Processing Zone was introduced in 1990 as a part of the export-led growth strategy
under the structural adjustment program of the IMF and the World Bank. The main eligibility
requirement for EPZ participation is export orientation. Companies must export at least 95% of
their production or provide services and/or inputs to EPZ exporters. In addition, employment
opportunities must be created and adequate environment safeguards must be provided.
EU Preferential Trading Arrangements
The Lom convention in 2000 was taken by EU-ACP collaborating complete fulfillment of the
World Trade Organization (WTO) rules since non-reciprocal exclusive trade preferences violate
the principle of non-discrimination in the GATT. Madagascar signed an Interim Economic
Partnership Agreement (IEPA) as a part of the Eastern and Southern Africa (ESA) grouping in
December 2007. The IEPA gives Madagascar 100% free access to the EU market with a transition
period for sugar and rice. In exchange Madagascar will progressively liberalize market access for
about 80% of the countrys import from the EU during adjustment period of 15 years.
African Growth and Opportunity Act (AGOA)
The AGOA initiative provides quota and duty free access to the US market. Products included for
preferential market access are all goods previously eligible for the US GSP program as well as an
additional 1800 product tariff line especially added for AGOA.
87
COUNTRY AREA POPULATI GDP BLOCK ECONOMY INVESTMENT TRADE Growth
ON S OR MAJOR WITH
INCOME BD
sources
Togo 56785 7.606 $4.4 African LDC Coffee, Coffee(
km^2 Million Billion Cocoa, Nestle)
Cotton
Sierra 71,740 7.396 $3.669 African LDC Diamond, Exploitativ
Leone km^2 Million Billion gold, paddy e mining
culture
Central 622,984 4.595 $1.756 African LDC Forestry,
African km^2 Million Billion Cotton,
Republic Endangered
wildlife
Botswana 600,360 2.25 $15.27 African Develope Diamond 9%+
Million Billion d economic
growth for
33 years
straight
Mauritius 2040 1.263 $12.16 African Developin Tourism, Outbou Booming
Million Billion g Financial nd Tourism
service touris Sector
m
88
TOGO
Subsistence agriculture is the main economic activity of Togo. Food and cash crop production
employs the majority of the labor force and contributes about 42% to the GDP. Coffee and cocoa
are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the
1990s, with 173,000 metric tons produced in 1999.
SIERRA LEONE
The nation is overwhelmingly agrarian. The vast bulk of the population engages in subsistence
farming and 55% of the country's GDP arises from agriculture. Subsistence agriculture, together
with forestry, remains the backbone of the economy of the Central African Republic
BOTSWANA
Since it independence in 1966 Botswana has had the longest sustaining economic boom in the
world. It had a growth rate of 9% on average from 1966-1999. Growth in private sector
90
employment rate has also been 10% for 30 years. Botswana's impressive economic record has been
built on a foundation of diamond mining, prudent fiscal policies, international financial and
technical assistance, and a cautious foreign policy. It is rated the least corrupt country in Africa,
according to international corruption watchdog,
MAURITIUS
The country has developed from a low-income, agriculturally based economy to a middle-income
diversified economy with growing industrial, financial, and tourist sectors. Mauritius has attracted
US$10.98 billion in foreign direct investment inflows. Tourism accounts for 72% of the GDP.
91
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