The Financial and Neighborhood of West African States (ECOWAS) Commerce Promotion (TPO) Community, has mentioned it could work in direction of facilitating the convenience of enterprise by growing the quantity of commerce inside the area, including that it’s going to construct a military of exporters that may enhance intra-Africa commerce.
The Community, whereas noting that intra-Africa exports solely account for about 16 per cent of Africa’s international export, mentioned the area’s commerce solely accounts for a tenth of member-states international commerce.
President of ECOWAS TPO Community, Olusegun Awolowo, made this identified yesterday, on the launch and first yearly common assembly of the Community in Abuja.
Awolowo reiterated the necessity to make the most of the alternatives offered by the African Continental Free Commerce Space (AFCFTA), including that the institution of the ECOWAS Commerce Liberalisation Scheme (ETLS) was a step in the best course to extend commerce within the area.
He added that the low utilisation of the scheme, particularly amongst Micro, Small and Medium Enterprises (MSMEs), which account for a big proportion of financial actions inside the area, highlights the necessity for extra efforts.
“A number of evaluations that highlighted the challenges hindering the utilisation of the ETLS confirmed that they’re centred round lack of satisfactory data on the existence, enrollment, endowment, enforcement, bills and entry methods.
“It’s due to this fact crucial that by way of the TPO community, we work in direction of facilitating the convenience of commerce for our MSMEs inside the ECOWAS area and Africa at giant, thereby constructing a military of exporters that may enhance intra-Africa commerce”, he mentioned.
He added that financial integration within the sub-region will probably be additional deepened.
In her remarks, Head of Cooperation, European Union Delegation to Nigeria and ECOWAS, Mrs Cecile Tassin-Pelzer, mentioned the community would play a significant function in strengthening financial and business cooperation amongst member States and past.
She nevertheless assured the Community of the EU’s steady assist.
Additionally, the President, ECOWAS Fee, Jean-Claud Kassi Brou, whereas reiterating dedication to companion with the Community, mentioned they are going to proceed to supply steering according to the choice of the ECOWAS Council of Ministers.