Trade a vehicle for development - Chambas

Accra, Nov.17 GNA - Dr Mohammed Ibn Chambas, Executive Secretary of the Economic Community of West African States (ECOWAS), on Monday urged West African countries to see trade with the rest of the world as a strong vehicle for the development of their economies.

He said the disappointing outcome of the Cancun meeting should spur Finance and Trade Ministers of the Community to prepare for hard negotiations in the months to come.

Dr Chambas said this at a Meeting of ECOWAS Ministers of Trade and Finance on West Africa's Trade negotiations in Accra.

The meeting, which brought participants from Nigeria, Senegal, Guinea, Niger, Togo and Benin, was aimed at harmonizing the Sub-Region's position on the roadmap to trade negotiations and outstanding issues that must be addressed.

He said the successful implementation of the African Economic Partners Agreement (EPA) initiative would promote a new North/South economic relationship and contribute positively to the mounting needs of the developing world.

"If we are to effect a change in international trade relations in favour of the developing world then we ourselves must endeavour to play an important in the multilateral trade negotiations"

Dr Chambas said there was much to be gained by the whole world in a liberalized trading system if everything was done to improve the international environment.

He said ECOWAS was currently seeking to consolidate the status of the free trade area that was achieved in January 2000 and also move on to establish the common external tariff.

He said the application and adoption of the common tariff would facilitate the smooth running of the plan.

Dr Nii Noi Ashong, Minister of State for Finance and Economic Planning, called on ECOWAS countries to ensure coherence in national policies at all levels to help integrate the Sub-Region into the global economy.

He said trade must be part of the wider development strategies of individual member countries as well as collective regional strategy to be able to achieve sustainable positive impact on poverty reduction. He urged the international community to take into account the need for formulating rules for trade based on fairness and equity.

Dr Ashong reminded the Ministers that the costs associated with trade liberalization and reforms should not be underestimated adding; "we need to ensure that all the associated costs implications are exhaustively identified and brought to the fore".

He said the sure way to enhance and facilitate trade in the Sub-Region would be through the use of a common currency.