ECOWAS close to agreeing EPA with the EU
The 15 member states of the Economic Community of West African States (ECOWAS) appear close to agreeing a new Economic Partnership Agreement (EPA) with the EU. A deal was under discussion at negotiations held in late January between the two trade blocks and an agreement appears to have been reached in principle which could be formally ratified during the first quarter of 2014. Dialogue with the EU broke down in 2012, but was given fresh impetus in late 2013 as compromise on both sides finally led a breakthrough. As yet full details are unclear but it possible that the EU could be prepared to liberalise 75% of trade with ECOWAS over 20 years rather than 80% of trade over 15 years, while ECOWAS countries could be prepared to remove certain export subsidies as part of the proposed deal. A new EPA would mean that the countries of ECOWAS (Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togolese) would help promote trade and investment in the region by securing preferential access to the EU market.