…says intra-Africa exports only accounts for 16%
The Economic and Community of West African States (ECOWAS) Trade Promotion (TPO) Network, has said it would work towards facilitating the ease of business by increasing the volume of trade within the region, adding that it will build an army of exporters that will boost intra-Africa trade.
The Network, while noting that intra-Africa exports only account for about 16 percent of Africa’s global export, said intra-ECOWAS trade only accounts for a tenth of Member States global trade.
President of ECOWAS TPO Network, Mr Olusegun Awolowo made this known on Thursday at the launch and first annual general meeting of the Network in Abuja.
Awolowo reiterated the need to take advantage of the opportunities presented by the African Continental Free Trade Area (AFCFTA) which is the largest global free trade area with a market of 1.3 billion with a combined Gross Domestic product (GDP) of three trillion dollars.
While noting that the establishment of the ECOWAS Trade Liberalisation Scheme (ETLS) was a step in the right direction to increasing trade among the countries in the region, he said the low utilisation of the scheme, especially among Micro, Small and Medium Enterprises (MSMEs) which accounts for large proportion of economic activities within the regions, highlights the need for more efforts.
“Several reviews highlighted the challenges hindering the utilisation of the ETLS are centered around lack of adequate information on existence, enrollment, endowment, enforcement, expenses and entry strategies”, he said.
“It is therefore imperative that through the TPO network, we will work towards facilitating the ease of trade for our Micro, Small and Medium Enterprises (MSMEs) within the ECOWAS region and Africa at large thereby building an army of exporters that will boost intra-Africa trade.
He however added that economic integration in the sub-region will be further deepened.
In her remark, Head of Cooperation, European Union Delegation to Nigeria and ECOWAS, Mrs Cecile Tassin- Pelzer said the network will play a major role in strengthening economic and commercial cooperation among member States and beyond.
She however assured the Network of EU’s continuous support.
Also, the President, ECOWAS Commission, Jean-Claud Kassi Brou while reiterating commitment to partner with the Network, said they will continue to provide guidance in line with the decision of the ECOWAS Council of Ministers.
“With a market of over 1.3 billion people, there are immense opportunities for those who are well positioned with a strong platform to boost trade and support producers, manufacturers and exporters in seizing new opportunities in international trade”, he added.