ECOWAS ministers unite to strengthen trade, industry, investment cooperation
The 4th joint meeting of ECOWAS ministers of trade and industry has concluded with a strong call for economic diversification, industrial growth and regional collaboration.
Jumoke Oduwole, minister of industry, trade and investment, at the meeting on Friday in Abuja, said that the collaboration was to address the evolving global trade landscape.
The meeting welcomed representatives from 11 ECOWAS member states, including Benin, Cabo Verde, Côte d’Ivoire, the Gambia, Ghana, Guinea-Bissau, Liberia, Nigeria, Sierra, among others.
Ms Oduwole urged member states to fortify their industrial bases and cultivate new partnerships in response to recent disruptions.
She acknowledged the delegates’ commitment to fostering industrial development and enhancing regional trade.
During the meeting, ministers reviewed reports from trade, industry, and investment experts across ECOWAS member states.
The meeting, however, recommended that member states should accelerate the ratification of the Fisheries Subsidy Agreement while reviewing past ministerial conference decisions and outstanding issues.
It directed the ECOWAS Commission to organise meetings that would define regional priorities ahead of 14th WTO Ministerial Conference (MC14).
It also encouraged members to advance African Continental Free Trade Area (AfCFTA) implementation, as 49 out of 54 African Union (AU) member states have ratified the agreement.
The meeting urged Benin Republic to accelerate its ratification process, and directed the ECOWAS Commission to convene a joint meeting of Trade, Industry, and transport ministers to address cross-sectoral issues.
It also recommended the submission of revised trade commitments to the AfCFTA Secretariat by August 2025.
The implementation progress includes trade liberalisation, tariff schedules, and operational National Implementation Committees.
While addressing the impact of U.S. tariffs, the meeting instructed the ECOWAS Commission to develop a regional response strategy and support member states in negotiations with the U.S.
“This is particularly, concerning non-tariff barriers (NTBs) under the ECOWAS Trade Liberalisation Scheme (ETLS) and AfCFTA”’ it said.
It recommended the endorsement of the ECOWAS Trade and Investment Promotion Strategy, recognising its potential to boost intra-regional trade and aligning community interventions with global best practices.
John Enoh, the minister of state for industry, highlighted the meeting’s significance as an avenue for recalibrating economic strategies and building resilience through collaboration.
Mr Enoh reiterated ECOWAS’s shared vision of strengthening industrial growth and economic prosperity through progressive partnerships.
(NAN)
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