Washington, DC .U.S. African Chamber of Commerce Encouraged the West African Trade Ministers to Agree With a June 30 Deadline to Conclude a Comprehensive Regional Economic Partnership Agreement with the European Union
A regional trade ministerial meeting has just concluded in Abuja.
(Vocus/PRWEB ) May 20, 2009 -- Without concluding an EPA (Economic Partnership Agreement), our region will have different trade agreements with the European Union that will adversely affect our regional integration process. So we need indeed to conclude a regional agreement to avoid having different agreements because of the differential rate of development in our region.
The EPA is a trade agreement that defines trade and development relations between Europe and West Africa.
Improved access into the EU market is particularly crucial for struggling West African economies. Divisions have emerged within ECOWAS with last year's signing of interim EPAs by Ivory Coast and Ghana.
Without a comprehensive regional EPA in place by the June deadline, countries in West Africa, the world's poorest region, may have to negotiate separate EPAs with the EU, undermining attempts over the past decades to forge regional economic ties.
The slow down in economic activity in industrialized countries, as a result of the global meltdown, is having a negative effect on most African exports. Many West African countries also rely heavily on foreign aid and investments.
The 15-member ECOWAS has moderated growth rate of the region's economy in 2009 from 6.1 percent to 4.7 percent, due to the global economic crisis.
The USACC is the leading advocacy organization for U.S. African relations and emerging African markets. The USACC is the umbrella organization for African chambers of commerce and professional trade and business associations throughout the United States and abroad.
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