(a) What is economic integration? (b) Outline any three short-comings of the Economic Community of West African States (ECOWAS) (c) Highlight any three achi...
(a) What is economic integration? (b) Outline any three short-comings of the Economic Community of West African States (ECOWAS) (c) Highlight any three achievements of the Economic Community of West African State (ECOWAS)
(a) Economic integration is the process of eliminating trade barriers and creating closer economic ties between countries. This can be achieved through various means, such as reducing tariffs, harmonizing regulations, and facilitating the movement of goods, services, and people across borders.
(b) The Economic Community of West African States (ECOWAS) has several shortcomings, including:
Limited integration: Despite efforts to create a common market and a monetary union, member states still have significant trade barriers and economic disparities.
Weak institutions: ECOWAS institutions, such as the court of justice and the parliament, lack sufficient power and resources to enforce regional policies and regulations.
Political instability: Some member states have experienced political instability, conflicts, and security challenges that have hindered regional integration and cooperation.
(c) The Economic Community of West African States (ECOWAS) has achieved several notable accomplishments, including:
Trade liberalization: ECOWAS has reduced trade barriers and tariffs between member states, leading to increased intra-regional trade and economic growth.
Peace and security: ECOWAS has played a critical role in promoting peace, stability, and conflict resolution in the region, including the successful mediation of several political crises.
Regional integration: ECOWAS has made significant progress in creating a regional common market and a single currency, which could enhance economic integration and facilitate trade and investment within the region.
(a) Economic integration is the process of eliminating trade barriers and creating closer economic ties between countries. This can be achieved through various means, such as reducing tariffs, harmonizing regulations, and facilitating the movement of goods, services, and people across borders.
(b) The Economic Community of West African States (ECOWAS) has several shortcomings, including:
Limited integration: Despite efforts to create a common market and a monetary union, member states still have significant trade barriers and economic disparities.
Weak institutions: ECOWAS institutions, such as the court of justice and the parliament, lack sufficient power and resources to enforce regional policies and regulations.
Political instability: Some member states have experienced political instability, conflicts, and security challenges that have hindered regional integration and cooperation.
(c) The Economic Community of West African States (ECOWAS) has achieved several notable accomplishments, including:
Trade liberalization: ECOWAS has reduced trade barriers and tariffs between member states, leading to increased intra-regional trade and economic growth.
Peace and security: ECOWAS has played a critical role in promoting peace, stability, and conflict resolution in the region, including the successful mediation of several political crises.
Regional integration: ECOWAS has made significant progress in creating a regional common market and a single currency, which could enhance economic integration and facilitate trade and investment within the region.