Ivory Coast Wants to Chip Away from Egyptian – European Trade

February 21st, 2016

Awake Goy

nsnbc : The Ambassador of Ivory Coast to Egypt, Eugene Allou-Allou, stated on Sunday the Ivory Coast hopes to compete with Europe as Egypt’s trading partner. The economy of the former French West African colony is almost entirely dependent on France and struggles with French economic modo-colonialism.

Ivorian Ambassador Eugene Allou-Allou made his statement about Ivory Coast’s hope to compete with Europe as Egyptian trading partner, to Youm7 / The Cairo Post. During an interview with Youm7, Ambassador Allou-Allou said:

“Cote d’Ivoire can export Egypt many goods of high quality and prices lower than the Egyptian pay for European goods; we can import many goods from Egypt instead of Europe and Asia, particularly in fields of Agriculture and Pharmacy.”

Allou-Allou noted that Cairo provides good investment opportunities and opportunities for mutual trade for Ivory Coast. The Ambassador also noted that the African Free Trade Zone project is a vital cooperation between African countries. Allou-Allou also praised the military cooperation between Egypt and Ivory Coast and noted that many Ivorian troops received military and counter-terrorism training in Egypt.

Ivorian governments and diplomats have to weigh their words regarding foreign relations and regional as well as international political and economic relations with care. Ivory Coast is a member of the Monetary and Economic Union of West Africa, UMEOA / UMEAO. The union includes France, Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Equatorial Guinea, Ivory Coast, Gabon, Guinea-Bissau, Mali, Niger, the Republic of Congo, Senegal and Togo.

The Union’s economy is almost entirely controlled by France. France is printing the Union’s currency, the CFA Franc and regulates its value. A total of 65% of the African member States foreign currency reserves and all gold reserves have to be deposited in Franc at 0% interest. France has strategically placed commissars at the boards of directors of the region’s three central banks, the BEAC, the BCC and the BCEAO.

Several economists and analysts have repeatedly stressed that an increase in the African member States earning in foreign currency reserves and an increase in trade with trading partners who are not a member of the literally translate into a greater debt to France. Heads of State and governments of member States of the French-led Union have a tendency to be ousted in coups or die when the French-imposed modo-colonialism is being challenged. The ouster of Ivorian President Laurent Gbagbo in 2010 is but one of numerous examples. (see related article for in-depth details).

CH/L – nsnbc 21.02.2016

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