West Africa Seeks to Unlock $500 Billion Regional Potential by Dismantling Trade Barriers

The World Trade Organization (WTO) Director-General, Ngozi Okonjo-Iweala, has urged West African countries to dismantle trade barriers in order to unlock the region’s vast potential, estimated to be around $500 billion. According to Okonjo-Iweala, the region’s economic growth and development are being hindered by restrictive trade policies and bureaucratic red tape. She emphasized that by breaking down these barriers, West Africa can increase trade, attract investment, and create jobs. The WTO chief noted that the region has a lot to offer, including a large and growing market, abundant natural resources, and a strategic location. However, she lamented that the region’s trade performance has been disappointing, with intra-regional trade accounting for only about 10% of total trade. Okonjo-Iweala attributed this to a number of factors, including high tariffs, non-tariff barriers, and inadequate infrastructure. She called on West African leaders to take bold steps to address these challenges and create a more favorable business environment. This can be achieved through the implementation of trade facilitation measures, such as simplifying customs procedures and reducing paperwork. Additionally, Okonjo-Iweala emphasized the need for West African countries to diversify their economies and move away from reliance on a few primary commodities. She also highlighted the importance of investing in human capital, particularly in areas such as education and skills development. The WTO chief noted that the African Continental Free Trade Area (AfCFTA) agreement provides a unique opportunity for West Africa to integrate into the global economy and tap into new markets. However, she warned that the agreement’s success will depend on the ability of West African countries to implement its provisions and create a favorable business environment. Okonjo-Iweala also emphasized the need for West African countries to address the challenges posed by the COVID-19 pandemic, including the disruption of global supply chains and the decline in trade. She called on the international community to provide support to West Africa in its efforts to recover from the pandemic and achieve sustainable economic growth. The WTO chief’s comments were made during a visit to West Africa, where she held meetings with regional leaders and stakeholders. Her message was well-received by West African leaders, who acknowledged the need to break down trade barriers and create a more favorable business environment. The region’s economic growth and development are critical to the achievement of the Sustainable Development Goals (SDGs), particularly in areas such as poverty reduction and job creation. Okonjo-Iweala’s call to action is therefore timely and relevant, and it is hoped that West African countries will take bold steps to address the challenges facing the region. The WTO chief’s visit to West Africa is a clear indication of the organization’s commitment to supporting the region’s economic growth and development. It is also a recognition of the region’s potential to contribute to global trade and economic growth. As the region moves forward, it is essential that West African countries work together to address the challenges facing the region and create a more favorable business environment. This will require a coordinated effort from all stakeholders, including governments, the private sector, and civil society. With the right policies and support, West Africa can unlock its vast potential and achieve sustainable economic growth and development. The region’s future is bright, and it is hoped that West African countries will seize the opportunities available to them and create a better future for their citizens.

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