Effective trade dispute resolution mechanisms will enhance economic growth: ECOWAS
ECOWAS says effective trade dispute resolution mechanisms under the African Continental Free Trade Area and the regional bloc’s instruments can foster regional economic growth.
Kola Sofola, ECOWAS director of trade, stated this at a capacity-building workshop on dispute settlement mechanisms under the AfCFTA and ECOWAS instruments on Thursday in Abuja.
The News Agency of Nigeria (NAN) reports that the ECOWAS Commission organised the event, the ECOWAS Court of Justice (CCJ), AfCFTA, and the Nigerian Institute of Advanced Legal Studies.
Mr Sofola explained that the programme aimed to strengthen the role of the ECOWAS Court for effective resolution of trade agreements, to foster legal certainty, greater cooperation, and regional economic growth.
The director noted that AfCFTA’s objectives would only succeed if the rules were adhered to and disputes that arose were settled fairly, efficiently, and transparently.
According to him, the effective resolution of disputes is not merely procedural but foundational for a stable and predictable trading environment.
He said without clear and enforceable mechanisms for resolving disagreements, trade agreement benefits could be undermined, affect investor confidence, distort fair competition, and stifle economic progress.
Mr Sofola described AfCFTA as a landmark agreement comprising all African Union countries, saying the scale of its initiative was unprecedented, offering opportunities to boost intra-African trade, create jobs, and drive economic diversification.
He noted that although AfCFTA’s dispute settlement body held the primary responsibility for addressing disputes under the agreement, the court may also have a complementary role to play.
Also speaking, the president of CCJ, Justice Edward Asante, said that organising the workshop was a clear indication of professional collaboration among the various institutions of the community.
Mr Asante said adopting AfCFTA marked a pivotal milestone in the journey towards increased intra-African trade and expansion of economic opportunities across Africa.
NIALS’s director-general, Muhammed Ladan, noted that Africa’s regional economic communities were the building blocks of AfCFTA’s agreement.
(NAN)
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