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West Africa (ECOWAS)
Economic Community of West African States
Is a regional economic union of fifteen countries located in West Africa. Established on May 28
1975 via the treaty of Lagos, ECOWAS is a 15-member regional group with a mandate of
promoting economic integration in all fields of activity of the constituting countries. Was set up to
foster the ideal of collective self-sufficiency for its member states. As a trading union, it is also
meant to create a single, large trading bloc through economic cooperation.
History
ECOWAS is meant to foster interstate economic and political cooperation. History is on its side in
this regard. Dating back to pre-colonial times, West Africans have been among the world’s most
mobile populations although much of the migration had been intra-regional. About 7.5 million West
African migrants (3 percent of the regional population) are living in ECOWAS countries other than
their own.
History
Creation of CFA franc that Agreement signed in 1965 by
brought the francophone the four states of Cote d’Ivore,
countries of the region into a Guinea, Liberia and Sierra emergence of the treaty of
single currency union Leone. Lagos which birthed ECOWAS
1. Strengthen the ties of brotherhood which link the member States and their
peoples to one another;
2. Achieving progress and prosperity of their societies and defending their
rights;
3. Contributing to the preservation of peace based on justice and equity;
4. Pursuing a common policy in different domains
5. Working gradually towards achieving free movement of persons and transfer
of services, goods and capital among them.
It’s time to revive the Maghreb Union
The UMA was founded on February 17, 1989, when the founding treaty of the Arab Maghreb Union was
signed by the Five Heads of State in Marrakech.
The Marrakech Summit was preceded by the meeting held by the Five Maghreb Heads of State in
Zeralda (Algeria) on June 10, 1988, during which it was decided to set up a Main Committee to define
ways and means. allowing the realization of a Union between the Five States of the Arab Maghreb. The
work of this major Commission subsequently constituted the WBU's Short and Medium-Term Work
Program.
Economists have called the Arab Maghreb Union “the world’s worst-performing trade bloc”, but that’s
rather due to a lack of political will, than a lack of potential. In fact, regional leaders should consider the
Maghreb Union a missed economic opportunity of historical proportions.
Why a Maghreb Union?
Subsequently, six Summits were held respectively at:
1. Tunis 21-23 January 1990
2. Algiers July 21-23, 1990
3. Ras Lanouf (Libya) March 10-11, 1991
4. Casablanca (Morocco) on 15-16 September 1991
5. Nouakchoutt 10-11 November 1992
6. Tunis 2-3 April 1994.
The principal structures and institutions of AMU are:
The Presidency Council,
The Consultative Council,
The Secretariat,
The Monitoring Committee,
The Meeting of the Prime Ministers,
The Council of Foreign Ministers,
The Ministerial specialized Commissions,
The Judicial Organ,
The University of Maghreb, and
The Maghreb Bank for Investment and Foreign Trade
AMU - Macroeconomic Policy Convergence
The overall objective of AMU is to establish a Maghreb Economic Union; however, the financial
and macroeconomic convergence is not articulated in the Treaty nor the creation of a single
currency. By contrast, the parallel initiative of the Greater Arab Free Trade Area binds member
States to coordinate financial and monetary policies with the aim of achieving monetary unity.