5 aims and objectives of ECOWAS

5 aims and objectives of ECOWAS

Find out all about ECOWAS (Economic Community Of West African States). This subregional organization includes a number of West African Countries. One of the most valuable objectives of ECOWAS was creating a united space for cooperation and development among West African countries.

5 aims and objectives of ECOWAS

ECOWAS countries

The history of the Economic Community Of West African States began on 28th of May 1975. On this date, the heads of fifteen independent countries created a united space to aid the development of their respective regions. They signed a treaty which eventually became what we know today as ECOWAS. These countries were:

  • Togo;
  • Senegal;
  • Sierra Leone;
  • Nigeria;
  • Niger;
  • Mali;
  • Liberia;
  • Guinea Bissau;
  • Guinea;
  • Ghana;
  • The Gambia;
  • Cote d’Ivoire;
  • Cape Verde;
  • Burkina Faso;
  • The Benin Republic.

What were the initial aims and objectives of ECOWAS?

5 aims and objectives of ECOWAS

When this organization was newly created – the main idea was to unite the West African economies into one space. Therefore, the very first objective of ECOWAS was to become a pillar for the African Economic Community. It was also aimed at creating an integrated trade space. A new trading block was created which includes fifteen African countries.

This trade union also includes the economic integration of monetary, financial, industry, transport, energy, agriculture, natural resources, telecommunications, social and cultural matters.

5 aims and objectives of ECOWAS

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Let us understand the vision of ECOWAS as a system before getting into its aims and objectives. The main idea was to create an integrated union with representatives that can represent it to the world. It also includes the exploration of opportunities under sustainable environments. With ECOWAS, the population can enjoy free movement and special standards for trading in the whole region.

Let’s take a look at the objectives of ECOWAS!

List of the aims and objectives of ECOWAS today

1. Promotion of Cooperation and development

1. Promotion of Cooperation and development

This is an important objective for the countries who are in the ECOWAS system. The development is not limited by the economic abilities of the region. It also includes social contacts between the representatives of various nations, religious groups, etc. They cooperate to foster development in these states.

The cooperation also includes special offers for the members of the community. The fifteen African countries share business strategies and technologies to boost their economies. They also compete with each other to get the best results. This can foster the diplomatic and economic relations between the countries.

2. Harmonization of Agricultural, Economic, Monetary and Industrial Policies

2. Harmonization of Agricultural, Economic, Monetary and Industrial Policies

One of the objectives of ECOWAS is to create a united policy which can satisfy the unique needs of every country member. It eliminates misunderstanding between country-members. At the same time, it provides the general requirements and standards for policies in Industrial, Monetary, Economic and Agricultural areas.

3. Abolition of trade restrictions and Customs Duties

3. Abolition of trade restrictions and Customs Duties

One of the greatest objectives for ECOWAS is to destroy boundaries to assist in the development of the countries within the zone. It creates additional protection for goods which are created within this zone. That way, manufacturers are more protected and have better opportunities to sell these products. Customers can also benefit from this option as the price of goods becomes cheaper.

4. Establishment of Common Fund

4. Establishment of Common Fund

This is another great opportunity offered by ECOWAS! A common fund provides better security options for countries within the union. It also helps facilitate the cooperation between the countries. In addition, it serves as a security measure or compensation to help any of the countries that needs assistance.

The Common Fund is another great option for the development of all countries within the union.

5. Implementation of Infrastructural Schemes

5. Implementation of Infrastructural Schemes

The joint development means joint infrastructure schemes, like communication, transport, energy, etc. Therefore, the development of standards of all country-members in the community can be realized.

Conclusion

One of the main ideas for creating ECOWAS is to provide cooperation within countries. ECOWAS offers a lot of benefits and opportunities for its members. It's main goal is to bring countries in the region together and foster peace to aid development.

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Source: Legit

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