West African Economic and Monetary Union

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States of UEMOA
States of UEMOA

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[1]

  • 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. [2]

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. [3]

Contents

[edit] Members

[edit] Comparison with other Regional blocs

Most active regional blocs
(as of 2004, except as noted)
Regional bloc1 Area Population GDP ($US) Member
states1
km² sq mi in millions (PPP) in millions (nominal) per capita (PPP) per capita (nominal)
AU 29,797,500 11,504,879 897,548,804 1,515,000 1,131,850 1,896 1,261 53
ASEAN (2007 est.) 4,497,493 1,736,000 566,500,000 3,115,480 1,173,000 5,541 2,041 10
CACM 422,614 163,172 37,816,598 159,536 84,792 4,219 2,242 5
CARICOM 462,344 178,512 14,565,083 64,219 24,020 4,409 1,649 (14+1)3
CCASG / GCC 2,285,844 882,569 35,869,438 536,223 717,800 14,949 20,011 6
CEFTA 298,148 115,116 28,929,682 222,041 122,001 7,675 4,217 (7+1)3
EU (2007 est.) 4,324,782 1,669,808 497,000,000 14,953,000 16,574,000 28,213 33,482 27
EurAsEC 20,789,100 8,026,720 208,067,618 1,689,137 1,125,528 8,118 5,409 6
EFTA (2007 est.) 529,600 204,480 12,660,623 567,500 743,300 44,828 60,000 4
GAFTA 9,421,946 3,637,834 280,727,416 1,341,298 N/A 4,778 N/A (16+1)3
GUAM 810,506 312,938 63,764,600 456,173 106,469 7,154 1,670 4
NAFTA (2007 est.) 21,783,850 8,410,792 445,000,000 15,857,000 15,723,000 35,491 35,564 3
PARTA 528,151 203,920 7,810,905 23,074 N/A 2,954 N/A (12+2)3
SAARC 5,136,740 1,983,306 1,467,255,669 4,074,031 N/A 2,777 N/A 8
Unasur / Unasul 17,339,153 6,694,684 370,158,470 2,868,430 N/A 7,749 N/A 12
UN and countries
for reference2		 Area Population GDP ($US) Units4
km² sq mi in millions (PPP) in millions (nominal) per capita (PPP) per capita (nominal)
UN 133,178,011 51,420,318 6,411,682,270 55,167,630 48,245,198 8,604 7,524 192
Brazil (2007 est.) 8,514,877 3,287,612 183,888,841 1,804,000 1,067,706 10,073 6,842 27
Canada (2007 est.) 9,984,670 3,855,103 33,000,000 1,274,000 1,406,000 38,200 42,738 13
India (2007 est.) 3,287,590 1,269,346 1,120,000,000 4,726,000 1,089,000 4,182 1,004 35
Japan (2007 est.) 377,873 145,898 127,433,494 4,346,000 4,346,000 33,800 38,341 47
PR China5 (2007 est.) 9,596,960 3,705,407 1,321,851,888 7,043,000 3,420,000 5,300 2,800 33
Russia (2007 est.) 17,075,200 6,592,772 142,500,000 2,076,000 1,286,000 14,600 9,056 83
USA (2007 est.) 9,826,630 3,794,083 302,000,000 13,543,000 13,794,700 43,500 45,594 50
Source: CIA World Factbook 2005, IMF WEO Database, IMF nominal figures for 2006.[citation needed]
Legend
     smallest value among the blocs compared     largest value among the blocs compared

Footnotes
1 Including data only for full and most active members.
2 Including the largest five countries by area, population (not #4), GDP (PPP) (not #5), and GDP (nominal) (not #3 or #5).
3 Including non-sovereign autonomous areas of other states.
4 Members or administrative divisions.
5 Data for the People's Republic of China does not include Hong Kong, Macau, or the independent Republic of China (Taiwan) (over which PRC claims sovereignty).

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[edit] References

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  1. ^ [1] 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
  2. ^ “Economic Community of West African States (ECOWAS)” fact sheet from the US Department of State’s Bureau of African Affairs
  3. ^ “Annual Report on Integration in Africa 2002” All Africa, 1 March 2002

[edit] See also

[edit] External links