Title: Implementation of ECOWAS Trade Liberalization Scheme and its Influence on ECOWAS GDP
Authors: Souleymane Maman Adda, Wayne Takudzwa Mhaka, Patience Mwaka Namfukwe
Volume: 8
Issue: 7
Pages: 381-387
Publication Date: 2024/07/28
Abstract:
The Economic Community of West African States (ECOWAS) Trade Liberalization Scheme (ETLS), initiated in 1979, endeavors to foster free trade and economic integration among member states by eliminating trade barriers and simplifying customs procedures. This paper scrutinizes the implementation of ETLS and its impact on ECOWAS member states' GDP. Utilizing data analysis methodologies, it assesses changes in intra-regional trade and GDP growth rates pre and post-ETLS implementation. Findings indicate a significant upsurge in GDP growth and trade as a percentage of GDP following ETLS implementation, signifying its positive influence on regional economies. The study also highlights successful trade partnerships within ECOWAS, emphasizing their role in economic growth and poverty alleviation. Despite notable achievements, challenges such as infrastructure deficits and non-tariff barriers impede the full realization of ETLS benefits. The paper identifies opportunities for enhancing trade integration, including policy harmonization, infrastructure investment, and technological advancements. Recommendations encompass infrastructure development, policy harmonization, addressing non-tariff barriers, investment in technology, fostering collaborative partnerships, and resilience planning. Implementing these measures could unlock the full potential of ETLS, fostering sustainable economic growth and development within the ECOWAS region.