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- This agreement will help expand economic engagement between West Africa and the United States on regional and multilateral trade issues, and enhance West Africa's commercial potential and dynamism, the US Trade Representative Robert B. Zoellick said after signing the agreement in Washington. The deal is between the US government and the West African Economic Monetary Union (WAEMU), organising eight West African countries all using the euro-supported Franc CFA as their national currency. Mr. Tankpadja Lalle, the President of the WAEMU Council of Ministers, and Mr. Moussa Touré, President of the WAEMU Commission, represented WAEMU's eight member nations at the Washington ceremony. US Ambassador Jon Huntsman, signing the agreement on behalf of his government, noted that the eight countries already have a flourishing trade relationship with the US. Last year the total two-way trade increased by 12 percent to more than US$ 760 million. In July, Huntsman is to lead a delegation of US public and private-sector officials to Senegal to present a seminar designed to help regional entrepreneurs and trade officials take full advantage of the benefits of the agreement. The US exports machinery, vehicles, fertilizer, and plastics to countries of the West African regional organisation and imports West African cocoa, forest products, chemicals and seafood. The WAEMU region includes more than 71 million consumers and has an estimated GDP of US$ 24 billion (2001). WAEMU member countries have distinguished themselves in sub-Saharan Africa for their efforts to promote economic integration, remove trade barriers and improve investment conditions. In January 2000, they established a customs union and lifted tariffs on intra-WAEMU trade. Under the agreement, one is to establish a Council on Trade and Investment, made up of representatives of the US government and the west African regional organisation. This Council is to discuss steps that are needed to free up trade barriers. The agreement, called "a new chapter" in the US "growing trade partnership with West Africa" by US officials, is however not believed to be of greater importance by economic observers. There would still be much work to do to remove existing barriers to growth and investment. Contrary to US signals, the WAEMU region's trade with the US is just a small part of US-African trade and none of the tropical products from the zone threaten US commercial interests or employment. The agreement is however the first deal of its kind between the US Trade Representative and a region in Sub-Saharan Africa. All the eight countries have trade agreements of a more thorough character with the European Union. Sources:
Based on US govt. and afrol archives
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