Our reporter
The Economic Community of West African States (ECOWAS) has reiterated the significance of peace and unity in the region for the successful implementation of the African Continental Free Trade Area (AFCTA) agreement in West Africa.
This message was delivered during a capacity-building workshop on dispute settlement mechanisms under the AFCTA, organized by ECOWAS.
Kolawole Sofola, Director of Trade at the ECOWAS Commission, emphasized the importance of effective mechanisms for resolving disputes in cross-border trade and investment.
According to Sofola, as AFCTA continues to unfold, it is critical to ensure that trade disputes are handled efficiently and fairly to maintain the credibility and smooth operation of the agreement.
“This workshop comes at a pivotal moment in our collective journey towards regional and continental integration,” said Sofola.
“As we work towards realizing the full potential of the AFCTA, it is clear that the mechanisms for resolving trade disputes will be a cornerstone in ensuring the success and credibility of this landmark agreement.”
Sofola further noted that AFCTA represents not only a unique opportunity but a transformational platform for Africa, promoting trade liberalization, economic growth, and development.
However, he cautioned that these benefits could be jeopardised if trade rules are not adhered to and disputes are not resolved swiftly and transparently.
“The benefits of trade agreements could be undermined, affecting investor confidence, distorting fair competition, and stifling economic progress,” he added.
Professor Muhammed Ladan, one of the workshop organizers and facilitators, highlighted the significant strides made by West African states regarding AFCTA participation.
He revealed that 14 out of the 15 ECOWAS member states are parties to the agreement, with Benin being the only state yet to ratify the agreement.
He explained that ECOWAS, as one of Africa’s eight recognized regional economic communities under the AFCTA agreement, plays a pivotal role in driving regional integration.
“If Article One recognizes by definition that ECOWAS is one of the eight organized regional economic communities to serve as a building block for the AFCTA, then you can see why we are starting at ECOWAS to show our functionality and readiness as a truly golden block,” said Ladan.
The workshop aimed to strengthen collaboration and coordination among ECOWAS Court judges, registry staff, and legal officers, ensuring the implementation of dispute resolution mechanisms under both ECOWAS and AFCTA frameworks.
It is hoped that these efforts will foster stronger relationships among member states, promoting fair trade, protecting intellectual property rights, and contributing to the overall economic development of the region.
As West Africa continues to navigate the complexities of regional and continental integration, peace, unity, and a robust dispute resolution framework will remain essential to achieving the full potential of the AFCTA and its promise of economic transformation.
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