By Abdulfatah Babatunde
On Thursday, the Economic Community of West African States (ECOWAS) and TradeMark Africa (TMA) signed a strategic agreement to improve trade facilitation and promote economic integration in the sub-region.
The collaborative agreement aims to open transportation corridors and enhance the use of digital technologies to improve trade efficiency.
It will also reduce trade barriers at border crossings and foster a conducive environment for business operations throughout the region.
Dr Omar Alieu Touray, President of the ECOWAS Commission, and Amb. Erastus Mwencha, TMA Board Chairman, formalised the agreement during a signing ceremony in Nairobi, Kenya.
The signing came on the African Development Bank Group 2024 Annual General Meeting (AGM) sidelines.
TMA will bring experience from the Eastern, Southern and Horn of Africa regions to enhance trade corridor infrastructure and connectivity.
It will also improve compliance of traded goods with international quality standards and strengthen structures to empower women and youth in trade.
The two organisations will also develop and implement climate resilience and mitigation strategies to promote more environmentally friendly and sustainable trading practices.
Touray said the partnership with TMA was a strategic step towards achieving the economic integration goals of ECOWAS.
“By leveraging TMA’s expertise in trade logistics and capacity building, we can address pressing challenges at our borders and improve the transit environment.
“This partnership sets a robust framework for prosperity that will benefit all member states and strengthen the business landscape in West Africa,”; the ECOWAS Commission President said.
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Also, Amb. Mwencha expressed his enthusiasm for the partnership, describing the agreement as a significant milestone for TMA.
He said TMA was keen on expanding its trade facilitation efforts to West Africa. He particularly emphasised the Abidjan-Lagos corridor and interlocking routes.
“This collaboration marks a significant milestone in our efforts to streamline trade processing across Africa.
“By partnering with ECOWAS in adopting cutting-edge trade facilitation techniques, we aim to reduce overall trade costs.
“We will also enhance the competitiveness of West African economies on the global stage.
`Our goal is not just to facilitate trade but to catalyse sustainable economic development that benefits all stakeholders in the region,” Mwencha said.
Speaking at the same function, Dave Beer, TMA CEO, echoed Mwencha’s remarks on the appropriateness of the agreement.
“We are pleased to collaborate with ECOWAS in supporting further advances in trade facilitation.
“Our joint efforts will make a tangible difference in the lives of millions by boosting trade efficiency.
“It will also create new opportunities to propel economic prosperity in the region and continent-wide,” Beer said.
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