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West African Monetary and Economic Union (UEMOA)

28-JUN-2016 17:00

    The West African Monetary and Economic Union (UEMOA) are also known as Union Economique et Monétaire Ouest Africaine. It is an organisation of eight western African Countries i.e. Benin, Burkina Faso, Coted’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. It was established to advance the regional economic cooperation and also to create a common market.

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    Source: www.africatopsuccess.com

    These seven African countries predominantly agro-economy and they produce Cocoa, coffee, timber, cotton, onions, sesame seeds, and Arabic gum which is exported by the Union.

    Objectives of UEMOA's

    • Strengthen the competitiveness of economic and financial activities of the Member States in the framework of an open and competitive market and a rationalized and harmonized legal environment
    • Ensure the convergence of economic performance and policies of member States through the institution of a multilateral surveillance procedure
    • Create between Member States a common market based on the free movement of persons, goods, services, capital and the right of establishment of self-employed persons or employed, as well as a common external tariff and trade policy
    • Institute coordination of national sectoral policies through the implementation of joint actions, possibly including common policies in the following areas: human resources, land management, agriculture, energy, industry, mining, transport, infrastructure and telecommunications
    • Harmonize, to the extent necessary for the proper functioning of the common market, the laws of the Member States and particularly the regime of taxation.

    Administrative Organs of UEMOA

    • Chair of the Committee: It directs, regulates and coordinates the operation. It represents the commission in relations with third countries, international organisations and institutions.
    • The Court of Justice: It ensures the uniform of law as per community constitution – settle disputes between member countries the Union and its agents.
    • The Court of Auditor: It looks after the accounts of the bodies of the Union, and reliability of fiscal data for exercise of multi-lateral surveillance.
    • The Inter Parliamentary Committees: It is advisory body.
    • The Regional Consular Chamber: It is key forum for dialogue between UEMOA and the main economic operators.
    • The Council of Labour and Social Dialogue: It is an advisory body and aims to achieve the effective involvement of all non-state actors in the WAEMU integration.
    • The Council of Labour and Social Dialogue: It is an advisory body and aims to achieve the effective involvement of all non-state actors in the WAEMU integration.
    • The Council of Local Authorities: It is an EU consultative body of the Conference of Heads of States and Governments.

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