Egypt & African Economic Blocs
Egypt and UEMOA
Tuesday، 23 April 2013 12:00 AM
On June 2004, Egypt signed a framework agreement between Egypt & the West African Economic and Monetary Union (UEMO). As Egypt seeks to open up new vistas of cooperation of the Egyptian trade markets at African market so as to achieve greater cooperation at African market. The UEMOA union is one of the focal points that Egypt hope to increase its' export at the African Continent through the West African gateway.
The agreement stipulates the need to reach a free trade agreement and investment between the two parties within two years from the date of signing. While the Egyptian project stipulate to liberate Egyptian imports from UEMOA countries upon entry into force, while UEMOA countries liberate its imports from Egypt for a transitional period of 3 years.
About the union
The West African Economic and Monetary Union (UEMOA) is an organization of eight West African states. It was established to promote economic integration among countries that share the Communauté Financière d'Afrique (CFA) franc as a common currency.
UEMOA was created by a Treaty signed in Dakar on 10 January 1994, by the heads of state and governments of Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. On 2 May 1997, Guinea-Bissau became the organization's eighth (and only non-Francophone) member state.
-The Economic and Monetary Union of West Africa aims to achieve equality between its member state to achieve economic integration to meet the challenges posed by globalization through the following factors: