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Economic Community of West African States
Economic Community of West African States (ECOWAS) An international economic community founded in 1975, largely on the initiative of Nigeria and Togo. Other members were Benin, the Ivory Coast, Ghana, Guinea, Guinea-Bissau, Cape Verde (since 1977), Liberia, Mali, Mauritania, Niger, Senegal, Sierra Leone, and Upper Volta. It aimed at the gradual establishment of free trade between its member states (originally within fifteen years), as a prelude to eventual political integration. From the beginning it was plagued by the overwhelming economic predominance of Nigeria, and by rivalries between various members. Individual member states were also in other, competing political and economic blocs, which made integration no easier. Finally, ECOWAS was weakened by the domestic instabilities of many member states. On the whole, therefore, it was only moderately successful at realizing freedom of trade and freedom of movement, and it failed to bring about further political integration. Despite these difficulties, on its 25th anniversary ECOWAS envisaged the creation of a single monetary zone by 2004.
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Cite this article
JAN PALMOWSKI. "Economic Community of West African States." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. 29 May. 2012 <http://www.encyclopedia.com>. JAN PALMOWSKI. "Economic Community of West African States." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. (May 29, 2012). http://www.encyclopedia.com/doc/1O46-EconomcCmmntyfWstfrcnStts.html JAN PALMOWSKI. "Economic Community of West African States." A Dictionary of Contemporary World History. 2004. Retrieved May 29, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O46-EconomcCmmntyfWstfrcnStts.html |
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Economic Community of West African States
Economic Community of West African States (ECOWAS) An economic grouping constituted largely on the initiative of General GOWON at Lagos in 1975 by 15 West African countries, and later (1977) joined by Cape Verde. Its object was to provide a programme of liberalization of trade and to bring about an eventual customs union. A common fund was established to promote development projects, with specialized commissions for trade, industry, transport, and social and cultural affairs. A new treaty was signed in 1993, designating the creation of a free-trade zone and a single currency as specific objectives and planning the establishment of a West African parliament and a new ECOWAS court of justice.
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Cite this article
"Economic Community of West African States." A Dictionary of World History. 2000. Encyclopedia.com. 29 May. 2012 <http://www.encyclopedia.com>. "Economic Community of West African States." A Dictionary of World History. 2000. Encyclopedia.com. (May 29, 2012). http://www.encyclopedia.com/doc/1O48-EconomcCmmntyfWstfrcnStts.html "Economic Community of West African States." A Dictionary of World History. 2000. Retrieved May 29, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O48-EconomcCmmntyfWstfrcnStts.html |
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