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Ecowas Free Trade Agreement

18 Sep Posted by in Uncategorized | Comments
Ecowas Free Trade Agreement

Given that the volume of trade is slow and largely unsiversified, strengthening the production base in general and industrial potential in particular is an important priority. While intra-African trade accounts for only 10% of total trade, intra-regional trade from the EU, Asia and even North America accounts for 70%, 52% and 50% respectively (UNCTAD 2013). Some analysts argue that this explains Africa`s vulnerability to external economic shocks and protectionist trade policies. Africa can reduce vulnerability to external shocks and improve its trade and economic performance by deepening market integration and deepening trade between countries. In addition, the ECOWAS Commission can assist its Member States in harmonizing customs practices through its regionally revised Customs Code. .

 

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