ECOWAS Insists Peace and Unity Important to Success of AfCTA in West Africa

Michael Olugbode in Abuja

The Economic Community of West African States (ECOWAS) has said peace and unity in West Africa remains important to the success of African Continental Free Trade Area (AfCTA) in the region.

Speaking at the capacity building on dispute settlement mechanisms under the AfCTA organised by ECOWAS, the Director of Trade ECOWAS commission, Kolawole Sofola said given the complexity of cross border trade and investment, effective dispute resolution mechanisms are critical for ensuring the smooth operation of AfCTA agreement and its protocols.

He said this workshop comes at a pivotal moment in our collective journey towards regional and continental integration.

He added: “As we work towards realizing the full potential of the African Continental Free Trade Area, it is clear that the mechanisms for resolving trade disputes will be a cornerstone in ensuring the success and the credibility of this landmark agreement.”

He noted that AfCFTA represents not just an opportunity, but a transformation for Africa, providing a platform for trade liberalization, economic growth and development, however, it would only succeed if the rules are adhered to and any disputes that arise are settled in a fair, efficient and transparent manner”.

He added that: “The benefits of trade agreements could be undermined, affecting investor confidence, distorting fair competition and stifling economic progress.

“By ensuring that disputes are addressed swiftly, we foster an environment that promotes fair trade, protects intellectual property rights, enhances innovation and ultimately contributes to the economic development of West Africa and the African continent as a whole”.

One of the organisers and facilitator at the workshop, Professor Muhammed Ladan, shed light on the reason why the workshop is so important,

His words: “Of all the 15 ECOWAS member states, only Benin Republic has signed, and that is yet to ratify, the African Continental Free Trade Area agreement and two out of 55 African member states, 54 are signatories to the African contributory agreement, and 48 are state parties through the African refugee area agreement, meaning as ECOWAS we are actually integrated into the African contributors area agreement, already by 14 out of 15 ECOWAS member states being signatories, are also parties, which means the agreement as of today are legally binding on 14 out of 15 states”.

He further explained that, “because of the AfCTA agreement itself, article one defines the regional economic communities in Africa that they are the building blocks of the African Continental Free Trade Area agreement.

“And ECOWAS is one of the eight recognized regional economic communities under Article One of the agreement now. If article one recognizes by definition, that ECOWAS is one of the eight organized regional economic communities to serve as a building block for the other community area agreement and its eight protocols, then you can see the reason why we are starting actually at ECOWAS to show our functionality and viability and readiness as a truly golden block”.

He said with all the members participating in this workshop, “we hope the resolution and agreement arrived at will further help to build better relationship among the members state and also foster stronger collaboration, coordination and knowledge sharing among ECOWAS Court judges, registry staff and legal officers in implementing dispute resolution mechanisms under both frameworks.”