The success and sustainability of the African Continental Free Trade Area (AFCTA) in the West African region are predicated on peace and unity of the member states of the Economic Community of West African States (ECOWAS).
This was the crux of a capacity building on dispute settlement mechanisms under the AFCTA organised by ECOWAS Commission in Abuja on Wednesday, which stressed that effective dispute resolution mechanisms are critical for ensuring the smooth operation of AFCTA agreement and its protocols.
Director of Trade at the ECOWAS commission, Kolawole Sofola said that given the complexity of cross border trade and investment, the workshop comes at a pivotal moment in the collective journey towards regional and continental integration.
He said: "As we work towards realizing the full potential of the African Continental Free Trade Area, it is clear that the mechanisms for resolving trade disputes will be a cornerstone in ensuring the success and the credibility of this landmark agreement."
He noted that AFCFTA represents not just an opportunity, but a transformation for Africa, providing a platform for trade liberalization, economic growth and development. He however noted that it would only succeed if the rules are adhered to and any disputes that arise are settled in a fair, efficient and transparent manner.
He said further that "The benefits of trade agreements could be undermined, affecting investor confidence, distorting fair competition and stifling economic progress. By ensuring that disputes are addressed swiftly, we foster an environment that promotes fair trade, protects intellectual property rights, enhances innovation and ultimately contributes to the economic development of West Africa and the African continent as a whole".
One of the organisers and facilitator at the workshop, Professor Muhammed Ladan noted that the workshop was critical for overall development of the sub- region.
He said "of all the 15 ECOWAS member states, only Benin Republic has signed, and that is yet to ratify, the African Continental Free Trade Area agreement and two out of 55 African member states, 54 are signatories to the African contributory agreement, and 48 are state parties through the African refugee area agreement, meaning as ECOWAS we are actually integrated into the African contributors area agreement, already by 14 out of 15 ECOWAS member states being signatories, are also parties, which means the agreement as of today are legally binding on 14 out of 15 states".
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
He further explained that, "because of the AFCTA agreement itself, article one defines the regional economic communities in Africa that are the building blocks of the African Continental Free Trade Area agreement.
"ECOWAS is one of the eight recognized regional economic communities under Article One of the agreement now, if article one recognizes by definition, that ECOWAS is one of the eight organized regional economic communities to serve as a building block for the other community area agreement and its eight protocols, then you can see the reason why we are starting actually at ECOWAS to show our functionality and viability and readiness as a truly golden block".
He expressed hope that the resolution and agreement arrived at will further help to build better relationships among the member states and also foster stronger collaboration, coordination and knowledge sharing among ECOWAS Court judges, registry staff and legal officers in implementing dispute resolution mechanisms under both frameworks.
