West African Economic and Monetary Union


West African Economic and Monetary Union

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 [ [http://www.idrc.ca/en/ev-68350-201-1-DO_TOPIC.html] 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]
* 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. [“Economic Community of West African States (ECOWAS)” fact sheet from the US Department of State’s Bureau of African Affairs]

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. [“Annual Report on Integration in Africa 2002” All Africa, 1 March 2002]

Members

* Benin (1994)
* Burkina Faso (1994)
* Côte d’Ivoire (1994)
* Guinea-Bissau (On May 2, 1997)
* Mali (1994)
* Niger (1994)
* Senegal (1994)
* Togo (1994)

Comparison with other Regional blocs

References

See also

* Bourse Régionale des Valeurs Mobilières - (BRVM) - a regional stock exchange in Abidjan, serving the UEMOA area.
* Eco of the West African Monetary Zone in ECOWAS.
* Economic and Monetary Community of Central Africa (CEMAC).
* Amero currency.
* Euro currency.
* The West African CFA franc and Central African CFA franc (C.F.A.).
* Afro (currency).
* Monetary union.

External links

* [http://www.uemoa.int/ Official Website] (In French)
* [http://www.worldtradelaw.net/fta/agreements/waemufta.pdf WAEMU Treaty]


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