ECOWAS works towards unified special economic zone regulations

A meeting of the Technical Working Group on the Regional Special Economic Zone (RSEZ) Regulation has commenced in Lome, Togo. The group is tasked with reviewing a document aimed at creating a legal, regulatory, and institutional framework for Special Economic Zones within ECOWAS Member States.

The three-day meeting began on November 11, 2024. Participants will assess recommendations from a 64-page document that proposes transparent and harmonized economic zones founded on predictable legal systems applicable across the community.

This initiative aims to align with Article 3 of the 1993 Revised ECOWAS Treaty and Chapter 14 of the ECOWAS Investment Policy. The draft Act seeks to establish an institutional framework for various aspects such as designation, establishment, location, design, financing, development, operation, management, governance, administration, and closure of these spatial development areas.

The framework also intends to boost intra-community competition by encouraging cooperative efforts among Member States in at least 12 sectors. It supports economic diversification through private sector-led SEZ development and operation while reducing reliance on natural resource exports and promoting value-added processing and manufacturing in the region.

The results from this meeting will be submitted to regional experts for further consideration and validation before potentially being adopted as a community instrument. ECOWAS Commissioner for Economic Affairs and Agriculture Madam Massandje Toure-Litse emphasized the need to “scrutinize and refine the document to ensure it aligns with existing regional texts and frameworks.”

Dr. Tony Elumelu delivered her message at the opening session. He highlighted four key areas: reviewing the draft for alignment with existing texts; ensuring seamless integration into current frameworks; providing guidance on immigration and customs procedures; and incorporating academic rigor into the document.

Toure-Litse expressed confidence that their “deliberations will significantly contribute to the development of an effective legal instrument” facilitating SEZ establishment within ECOWAS.