The Economic Community of West African States (ECOWAS), has started developing several regional strategies to further harmonise regulatory controls and address trade barriers within the region.
Dr Omar Touray, President of ECOWAS made this known at an Africa Day event at the ongoing Lagos International Trade Fair on Thursday in Lagos.
Touray who was represented
by Mr Kolawole Sofola, Acting Director of Trade, ECOWAS Commission said that some of the strategies included the regional trade and transport facilitation strategy, strategy to eliminate non-tariff barriers, among others.
He added that the commission was also focused on intensifying efforts that implemented its ongoing initiatives to fully unlock trade in the region and address issues such as gender inclusivity.
Touray said the commission was committed to leveraging technology to facilitate trade through the ECOWAS e-commerce strategy to enhance the role Micro, Small and Medium Enterprises (MSME) played in the economy of the region.
He noted that the ongoing trade fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), demonstrated the commission’s shared vision of creating economic growth and expanding market opportunities within the region.
“At the very heart of the ECOWAS treaty are issues relating to trade integration and this calls for effective cooperation to promote harmonised economic development in all member states.
“Regional integration is key to economic growth and important to unlocking the potential of the region and trade facilitation has been a critical tool in regional economic agenda.
“There is a positive correlation between trade facilitation and Gross Domestic Product (GDP) as well as with human development index.
“The ECOWAS vision 2050 puts into action goal of regional integration, and the pillars are there to ensure we have a fully integrated and prosperous region that is mobilised for transformation, inclusive and sustainable development,” he said.
Mrs Kanayo Awani, Executive Vice-President, Intra-African Trade Bank at Africa Export-Import Bank (Afreximbank), said that Africa now had the best opportunity to change its fortunes.
Awani, represented by Mr Alain-Thierry Mbongue, Regional Chief Operating Officer, Afreximbank, said the continent was now positioned to take its rightful place in global trade with the adoption of the Africa Continental Free Trade Area (AfCFTA).
She noted that the AfCFTA provided an opportunity for Africa to energise intra-African trade and reduce the vulnerability of its economies to external shocks.
She, however, noted that its implementation would have complexities, given the large number, different nature and diverse stages of economic development of the member States.
“Furthermore, addressing trade information gaps and working with the organised private sector are imperatives for mobilising private capital for the AfCFTA to succeed.
“Effective implementation of the AfCFTA requires financing, trade facilitation and investment in trade-enabling infrastructure to ensure that supply-side constraints are addressed, and market access benefits are fully realised.
“Afreximbank has shown strong support in championing the growth of intra-African trade.
“The bank remains committed to supporting initiatives that ensure that the potentials of a well implemented AfCFTA are realised for the socio-economic benefit of the African people,” she said.
Mr Gabriel Idahosa, President, LCCI, called on African governments to create a transparent and streamlined trading environment to boost intra-African trade.
He noted that the World Investment Report 2024 revealed that global foreign direct investment (FDI) fell by 2 per cent to $1.3 trillion in 2023 amid economic slowdown and rising geopolitical tensions.
He quoted that the report emphasised that business facilitation and digital government solutions could address low investment by creating a transparent and streamlined environment.
He emphasised the need for trade and investment facilitation to simplify procedures for investors by increasing access to information, enhancing transparency, and streamlining administrative processes.
The LCCI president also commended the Federal Government for the introduction of the National Single Window Project in August, to boost Nigeria’s trade and economic growth.