[graduated 01/01/2021] Equatorial Guinea graduated from the LDC status in 2017 and left the EBA on 01 January 2021. In view of its classification as an upper-middle income economy with a per-capita income of $ 5.240 in 2022, Equatorial Guinea also exceeds the criteria for the Standard GSP.
The “Everything but Arms”(EBA) scheme is a permanent arrangement covering Least Developed Countries (LDC’s) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7200 products in total) originating in LDC’s except for arms and ammunition. Different from the Standard GSP and GSP+, LDC’s are not excluded from the scheme if they benefit from other preferential arrangements.
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Equatorial Guinea belonged to the fastest growing economies on the African continent in the past decade. Economic growth was fuelled by the production of oil, which most recently contributed about 25% to the country’s GDP. Currently, Equatorial Guinea is the third biggest producer in Sub-Saharan Africa.
Equatorial Guinea's main export product is petroleum oil, followed by natural gas, methanol, tropical woods, and propane.
China, the EU, and the US are the most important trading partners for Equatorial Guinea and together account for almost 72,5% of total trade.
The industrial sector, mainly consisting of the petroleum industry, contributes the largest share to the country's GDP, followed by the service sector (8.1%). Agriculture (4.6%) is traditionally of high importance but only adds a tiny fraction to the GDP as it consists mainly of subsistence farming. Coffee and cocoa are the most prominent agricultural commodities together with cassava, sweet potato, and oil palm fruit. The production of timber is another cornerstone of the economy.
Less than one percent of overall imports from Equatorial Guinea make use of EBA preferences. The country did not take advantage of EBA preferences in 2020.
Total trade with the EU summed up to € 1,584 million in 2021. The EU is Equatorial Guinea's first most important export destination, accounting for a share of almost 32%.
Only a tiny fraction of Equatorial Guinea's exports to the European market are eligible for EBA preferences.
Equatorial Guinea currently does not take advantage of EBA preferences.
Equatorial Guinea’s preference utilisation rate showed considerable fluctuations between 2011 and 2020. In 2020, Equatorial Guinea did not take advantage of EBA preferences. The majority of imports from Equatorial Guinea, however, already benefits from zero Most Favoured Nation duties including, for example, mineral products and gold.
Equatorial Guinea only makes use of EBA preferences for products falling under two product sections: Prepared foods and beverages, and wood articles. Even though the most important imports from Equatorial Guinea are traded under MFN duties, the level of diversification remains low.
The preferential access to the EU market granted by the EBA scheme is not bound to the ratification of international conventions. Nevertheless, Equatorial Guinea has a high level of ratification and ratified 14 out of 15 fundamental conventions on the protection of human rights and labour standards. In addition, Equatorial Guinea has ratified 7 conventions on the protection of the environment and the UN Convention against corruption.
Access all info about EU-Equatorial Guinea relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/equatorial-guinea_en
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