From July 9 to 11, 2024, Abuja, the Nigerian capital, hosted a crucial meeting of the ECOWAS Technical Working Group on the Common Trade Policy (CTP). This gathering, which brought together trade experts at regional and national levels, aimed to review and amend the CTP draft, an initiative following recommendations from meetings of experts and Ministers of Trade and Industry held in Abidjan last year.
The main objective of this meeting was twofold: to finalize the CTP draft and develop its strategic action plan. Once ready, these documents will be presented to ECOWAS trade ministers for validation.
Mr. Kolawole SOFOLA, ECOWAS Director of Trade, emphasized the importance of participants taking ownership of the document and called for amendments that reflect national interests while promoting regional integration. He highlighted that despite various past initiatives, intra-regional trade remains low at about 7%, with persistent challenges such as regional currency depreciation and high inflation rates.
The CTP is seen as an essential tool to stimulate economic growth and regional integration. It aims to provide a common framework for trade relations, including with third parties, and to attract and leverage foreign and domestic investments.
Nigeria, represented by Hajiya Zulaikha ABDULLAHI, reaffirmed its commitment to the ECOWAS integration program, emphasizing the alignment of its own 2023-2027 trade policy with the objectives of the CTP.
This meeting marks an important step in ECOWAS’ efforts to strengthen regional economic integration, improve market access, and facilitate sustainable development through trade. The outcomes of this meeting could have significant implications for the economic future of the West African region.
