The European Union is negotiating a trade pact with two West African regional groups and is hoping to complete the process by October 2009.
The Economic Community of West African States (ECOWAS), and the West African Economic and Monetary Union (UEMOA) encompass the entire West African region, with oil-rich Nigeria contributing to over half of the $60.5 billion in trade between the region and the EU.
According to the Journal of Commerce,
The agreement between the EU and the entire West African region will cover trade in goods, some trade rules, and development cooperation. "The decision today has set us on the road to concluding a comprehensive trade partnership with the full West African region. ... I am confident we can settle the remaining issues and move forward," Commissioner Ashton said.
Global Trade Management Newsletter
Keep up with new developments in Global Trade, including trade agreements, landed cost updates, HS descriptions, denied parties list changes, import/export controls and more with the GTM Newsletter.
