President John Mahama and Chairman of the Economic Community Of West African States (ECOWAS) has revealed that they have finally signed onto the Economic Partnership Agreement (EPA) with the European Union.
ECOWAS countries by this agreement would open up 70 percent of their markets to EU goods, while having one hundred percent access to the European market except for rice and sugar.
[contextly_sidebar id=”zOlwy7L9Jgwa3THpvozWVvctCXKGPGoM”]The Authority of ECOWAS Heads of State and Government in July 2014 endorsed the Economic Partnership Agreement with the EU.
The Trades Union Congress (TUC) and the Economic Justice Network (EJN) condemned the move and warned that the agreement will lead to the collapse of the sub-region’s young manufacturing sector.
Confirming the latest development at the opening of the UK -Ghana Trade and Investment Forum in London, President John Mahama said,” we’ve signed onto an EPA which is going to create a more favourable trade condition between Europe and West Africa”.
A former chief negotiator for ECOWAS in the Economic Partnership Agreement (EPA) with the European Union (EU), Dr. Mohamed Ibn Chambas, called on ECOWAS to address the concerns raised by civil society groups on the agreement.
President Mahama has consistently defended the Economic Partnership Agreement (EPA) with the European Union (EU) saying, it is the only way to ensure economic growth within the sub-region.