The first thematic group meeting on regional economic integration took place May 12, 2014 at the headquarters of the ECOWAS Commission. Fifty participants from ECOWAS and External Partners attended the meeting.
The topics discussed, focused on the latest developments on EPA negotiations ( Economic Partnership Agreement), the Common External Tariff, the Community Development Programme , the Regional Private Sector , Free Movement , and the Sahel Strategy.
Regarding the EPA, the participants provided an update on the progress of negotiations, including the contents of the agreement, the West Africa market access offer and EPA Development Programme (EPADP). The agreement foresees a market opening of 100% for the European Union side and 75 % for the Western Africa side, over a period of 20 years. A Development Programme for the EPA of 6.5 billion Euros will be initiated to assist West Africa in the fields of infrastructure, energy, transport, production capacities, economic and tax reforms.
Another important topic discussed during this meeting focuses on ECOWAS single currency programme and its implementation in 2020. It emerged from the discussions that the dual approach currently in the process of implementation of the common currency; evolve towards a single phased approach leading to a unique monetary zone in the region. Also, the convergence criteria will be streamlined to allow the monetary union to lean on strong macroeconomic fundamentals.
This first thematic group meeting on regional economic integration was under the chairmanship of Dr. Ibrahim Bocar Ba, ECOWAS Commissioner for Macroeconomic Policy and Economic Research.