Economic Partnership Agreement and why Ghana will have to stand by ECOWAS. -Put simply.... There are two known approaches to signing the EPA, either the EU enters into such agreement with a specific country or regional bloc, though within the latter countries still have an option of negotiating terms, however the binding principle/agreement is that negotiated by and at the Regional bloc as encouraged in Cotonou.... A little insight into why this is so is because of the Cotonou principle which acts as a base point towards the rationalisation of the EPA. True to the Cotonou principle of differentiation and regionalisation, the developing countries are encouraged to enter into the EPAs in regional groupings. So far the ACP (African, Carribean, Pacific) countries have formed seven regional groupings in which they intend to enter into EPAs with the European Union. These regional groupings are: the Economic Community of West African States la Communauté économique et monétaire de lAfrique centrale The Southern African Development Community The East African Community The Eastern and Southern Africa (ESA) The Caribbean Community + Dominican Republic (CARIFORUM) The Pacific region. Source: Wikipedia. So at the bloc level, the discussion has been ongoing (Emmanuel Bensah Jr can help with details). What can happen is ECOWAS entering into a partnership that inherently removes as it should trade preferentials which the EPA seeks to champion per WTO rules. We need to see and read the final agreement of ECOWAS and the EU to know what we are entering into and whether the terms are favourable. You cant fault Ghana. African states agreed to sign or discuss this Agreement at bloc levels, a position we must adhere to. At best, as President Mahama becomes ECOWAS chair we can vary the trade agreement or simply pull out as a bloc. But once the Regional bloc agrees to signing, it will be hard for Ghana to stand/stay back. Some say the EPA will have minimal impact, I say lets look into the agreement, compare with the Cotonou Agreement(as amended) and lets put forward a good case for Africa entering such agreement as per championing fair trade under WTO rules/protocols. My 2 pesewas for now!
Posted on: Fri, 28 Mar 2014 23:06:07 +0000
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