Trade stakeholders from both regional and national levels have gathered in Abuja, Nigeria, for a three-day meeting from July 9th to 11th, 2024, to review and amend the Draft ECOWAS Common Trade Policy (CTP). This initiative follows recommendations from Trade Experts' meetings and the Joint Meetings of the ECOWAS Ministers of Trade and Industry held in Abidjan, Côte d’Ivoire, last year. The technical working group will also draft the Strategic Action Plan for the Draft ECOWAS Common Trade Policy, ensuring both documents are ready for presentation to the ECOWAS Ministers of Trade for validation.
In his opening remarks, Mr. Kolawole Sofola, the ECOWAS Director of Trade, speaking on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, emphasized the importance of ownership among participants. He called for enhancing the quality of the final document to ensure that amendments reflect national interests that promote regional integration to improve social and economic standards of living for citizens.
Director Sofola highlighted significant milestones achieved with drafting the policy, which aims to make trade a vital component of economic lives and regional integration. He noted that despite various interventions aimed at increasing intra-regional trade such as ETLS, CET, and WACIP, intra-regional trade remains around 7 percent with regional currencies depreciating against major currencies and high inflation rates.
“We are hopeful...that the adoption of a number of trade policy instruments such as E-Commerce and AfCFTA Implementation Strategies...will...help spur more economic growth,” Mr. Sofola said. “Furthermore...the CTP will provide a common framework for our trade relations even with third parties.”
He praised West Africa as an emerging player in continental and global trade with all 15 Member States having signed AfCFTA; except Benin has ratified it. “We are renegotiating our tariff at multilateral level...expected to avail us yet another opportunity,” he stated.
Hajiya Zulaikha Abdullahi represented Mr. S.O.Gana Tuayeringha from Nigeria's Ministry of Industry in her opening remarks. She reiterated Nigeria’s commitment to ECOWAS integration agenda through its Trade Policy aligning closely with objectives of ECOWAS CTP. “Nigeria is dedicated to promoting regional economic integration,” she added.
She emphasized the importance of trade policy as cornerstone in enhancing intra-regional trade by removing barriers fostering conducive environment across member states.
The director urged experts to leverage this unique opportunity ensuring policy reflects shared aspirations addressing outstanding issues streamlining approaches laying groundwork reflecting diverse populations' aspirations.
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