West African Economic and Monetary Union

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States of UEMOA
States of UEMOA

The West African Economic and Monetary Union (or UEMOA from its name in French, Union économique et monétaire ouest-africaine) is an organization of eight states of West Africa established to promote economic integration among countries that share a common currency, the CFA franc.

UEMOA was created by a Treaty signed at Dakar, Senegal, on January 10, 1994 by the Heads of State and Government of Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo. On May 2, 1997, Guinea-Bissau became its eighth member state.

UEMOA is a customs union and monetary union between some of the members of Economic Community of West African States (ECOWAS). Its objectives are[1]

  • Greater economic competitiveness, through open and competitive markets, along with the rationalization and harmonization of the legal environment
  • The convergence of macroeconomic policies and indicators
  • The creation of a common market
  • The coordination of sectoral policies
  • The harmonization of fiscal policies

In terms of its achievements, UEMOA members have implemented macroeconomic convergence criteria and an effective surveillance mechanism; have adopted a customs union and common external tariff (early 2000); have harmonized indirect taxation regulations; and have initiated regional structural and sectoral policies. A September 2002 IMF survey cited the UEMOA as "the furthest along the path toward integration" of all the regional groupings in Africa. [2]

ECOWAS and UEMOA have developed a common program of action on trade liberalization and macroeconomic policy convergence. ECOWAS and UEMOA have also agreed on common rules of origin to enhance trade, and ECOWAS has agreed to adopt UEMOA’s customs declaration forms and compensation mechanisms. [3]

Contents

[edit] Members

[edit] Comparison with other Regional blocs

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Most active regional blocs
as of 2004
Regional bloc1 Area (km²) Population GDP (PPP) ($US) Member
states1
in millions per capita
Agadir 1,703,910 126,066,286 513,674 4,075 4
AU 29,797,500 897,548,804 1,515,000 1,896 53
ASEAN 4,400,000 553,900,000 2,172,000 4,044 10
CACM 422,614 37,816,598 159,536 4,219 5
CARICOM 462,344 14,565,083 64,219 4,409 (14+1)3
CCASG / GCC 2,285,844 35,869,438 536,223 14,949 6
CEFTA 298,148 28,929,682 222,041 7,675 (7+1)3
EU 4,325,675 496,198,605 12,025,415 24,235 27
EurAsEC 20,789,100 208,067,618 1,689,137 8,118 6
EFTA 529,600 12,233,467 471,547 38,546 4
GUAM 810,506 63,764,600 456,173 7,154 4
NAFTA 21,588,638 430,495,039 15,279,000 35,491 3
PARTA 528,151 7,810,905 23,074 2,954 (14+2)3
SAARC 5,136,740 1,467,255,669 4,074,031 2,777 8
Unasur / Unasul 17,339,153 370,158,470 2,868,430 7,749 12
UN and countries
for reference2		 Area (km²) Population GDP (PPP) ($US) Units4
in millions per capita
UN 133,178,011 6,411,682,270 55,167,630 8,604 192
Brazil 8,514,877 188,078,261 1,594,482 9,108 27
Canada 9,984,670 32,507,874 1,165,000 35,200 13
India 3,287,590 1,102,600,000 4,042,000 3,700 35
Japan 377,873 128,085,000 4,220,000 33,100 47
PR China5 9,596,960 1,306,847,624 10,000,000 7,600 33
Russia 17,075,200 143,782,338 1,723,000 12,100 89
USA 9,631,418 300,000,000 12,980,000 43,500 50
Source: CIA World Factbook 2005, IMF WEO Database.
Legend
     smallest value among the blocs compared     largest value among the blocs compared

Footnotes
1 Including data only for full and most active members.
2 Including the largest five countries by area, population and GDP (PPP), but not #4 in population or #5 in GDP (PPP).
3 Including non-sovereign autonomous areas of other states.
4 Members or administrative divisions.
5 Data for the People's Republic of China does not include Hong Kong, Macau, or regions administered
   by the Republic of China (Taiwan).

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[edit] References

  1. ^ [1] REGIONAL INTEGRATION AND COOPERATION IN WEST AFRICA A Multidimensional Perspective, Chapter 1. Introduction: Reflections on an Agenda for Regional Integration and Cooperation in West Africa
  2. ^ “Economic Community of West African States (ECOWAS)” fact sheet from the US Department of State’s Bureau of African Affairs
  3. ^ “Annual Report on Integration in Africa 2002” All Africa, 1 March 2002

[edit] See also

[edit] External link

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