Trade Ministers in the Economic Community of West Africa States (ECOWAS) have been advised to authorise the West African Monetary Institute (WAMI) to develop Terms of Reference and Governance Structure to operationalise the concept of Trade Liberalization Scheme (ETLS).
The ETLS is the main ECOWAS operational tool for promoting the West Africa region as a Free Trade Area.
The Scheme also seeks to establish a common market through the liberalisation of trade by the abolition of customs duties levied on imports and exports and the removal of non-tariff barriers among member States.
Ms Hanna Tetteh, Minister of Trade and Industry, who gave the advice on Friday, added that WAMI should develop the terms of reference for the ECOWAS Standing Committee for implementation of the ETLS.
She was speaking at the Fifth West Africa Monetary Zone (WAMZ) Trade Ministers’ Forum organized in Accra under the theme: "Building the Capacity of ECOWAS Member States toward the Free Movement of Goods and Services across Borders".
Ms Tetteh said due to issues surrounding the implementation of the ETLS, Trade Ministers at the Second Ministers' Forum held in 2009, proposed the establishment of an ECOWAS Standing Committee on the Scheme.
She said the Committee was established to ensure integrity in the application of the Scheme.
The ETLS is to encourage entrepreneurial development in the region, increase intra-regional trade and boost economic activity, augment West African competitiveness on the global market as well as increase the Gross Domestic Product of member States.
Ms Tetteh said the ECOWAS region could set up a Corridor Transit Agency to ensure free flow of transit consignments without compromising the national security of member states.
She expressed optimism that the Forum could be used to agree on strategies to resolve differences in trade relations among member States and to fashion out innovative ideas to enhance trade integration in ECOWAS.
Dr Toga Gayewea McIntosh, Vice President of the ECOWAS Commission, said the Commission was implementing programmes aimed at developing a competitive, dynamic and diversified regional economy that would be preferred by investors.
"Key programmes and activities being implemented include the development of a Community Investment Code, organization of a bi-annual ECOWAS Common Investment Market, the development of a framework and system to monitor the regional investment climate and a regional trade agreement and cooperation with emerging markets such as China, India and Brazil," he added.
Dr McIntosh said: "With commitment and the requisite political support, we can improve on intra-ECOWAS and WAMZ trade and hence reduce the high level of unemployment and poverty in our region".
Mr John K. Tei Kitcher, Acting Director General of WAMI, in a speech read on his behalf, said that deeper trade integration in the WAMZ and ECOWAS could reduce the unemployment rate in member States.
He added that both production and consumer demands of the free large market of the ECOWAS region could spur competition, lower cost of production, create jobs and generate revenue for economic development.
Mr Kitcher said, "It is our hope that implementing a trade facilitation support project will enable deeper trade integration in the WAMZ and ECOWAS".