The Minister of Foreign Affairs, Yusuf Tuggar, has called on leaders of the Economic Community of West African States (ECOWAS) to create a conducive environment that benefits the private sector and all member states.
Speaking at the 93rd Ordinary Session of the Council of Ministers of ECOWAS in Abuja on Thursday, Tuggar urged member states to demonstrate strong commitment to enhancing trade within the sub-region and to leverage the ECOWAS Trade Liberalization Scheme (ETLS) to promote regional economic cooperation.
He said “ECOWAS stands at a pivotal point in its existence. The region faces multifaceted challenges that can only be overcome through enhanced cooperation and a deeper common understanding among our member states. It also requires diligent statecraft and diplomatic acumen.
“Our governments must continue to make concerted efforts to create an enabling environment for the private sector to thrive, as they are the driving force behind the economic integration agenda. And yes, sometimes integration raises difficult sovereignty issues. But in the long run, it is for the benefit of all member states.
“Additionally, member states must demonstrate a strong commitment to facilitating and improving trade within the sub-region. The current intra-regional trade percentage, which hovers around 12%-13%, is significantly low compared to other regions.
“We must therefore leverage existing instruments to promote greater regional economic cooperation, such as the ECOWAS Trade Liberalization Scheme (ETLS) and the ECOWAS Investment Code.”
Tuggar further emphasized the need for member states to collaborate on resolving the issue of non-tariff barriers.
According to him, “We must tackle the issue of non-tariff barriers, operationalize and modernize border posts, and enhance the Joint Border Management process.
“It is crucial for our private sector to foster investments and partnerships across the region. Member states need to develop mechanisms and strategies to sensitize both government officials and private sector groups on the economic potential of our region.”