West African Economic and Monetary Union

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States of UEMOA

The West African Economic and Monetary Union (or UEMOA from its name in French, Union économique et monétaire ouest-africaine) is an organization of states of West Africa established to promote economic integration among countries that share a common currency, the CFA franc.

UEMOA was created by a Treaty signed at Dakar, Senegal, on January 10, 1994 by the Heads of State and Government of Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo. On May 2, 1997, Guinea-Bissau became its eighth member state.

UEMOA is a customs union and monetary union between some of the members of Economic Community of West African States (ECOWAS). Its objectives are^[1]

Greater economic competitiveness, through open and competitive markets, along with the rationalization and harmonization of the legal environment
The convergence of macroeconomic policies and indicators
The creation of a common market
The coordination of sectoral policies
The harmonization of fiscal policies

In terms of its achievements, UEMOA members have implemented macroeconomic convergence criteria and an effective surveillance mechanism; have adopted a customs union and common external tariff (early 2000); have harmonized indirect taxation regulations; and have initiated regional structural and sectoral policies. A September 2002 IMF survey cited the UEMOA as "the furthest along the path toward integration" of all the regional groupings in Africa. ^[2]

ECOWAS and UEMOA have developed a common program of action on trade liberalization and macroeconomic policy convergence. ECOWAS and UEMOA have also agreed on common rules of origin to enhance trade, and ECOWAS has agreed to adopt UEMOA’s customs declaration forms and compensation mechanisms. ^[3]

1 Members
2 Comparison with other Regional blocs
3 References
4 See also
5 External link

[edit] Members

Benin (1994)
Burkina Faso (1994)
Côte d’Ivoire (1994)
Guinea-Bissau (On May 2, 1997)
Mali (1994)
Niger (1994)
Senegal (1994)
Togo (1994)

[edit] Comparison with other Regional blocs

**Most active regional blocs**
Regional bloc ¹	Area (km²)	Population	GDP (PPP) ($US)		Member states ¹
Regional bloc ¹	Area (km²)	Population	in millions	per capita	Member states ¹
EU	4,325,675	496,198,605	12,025,415	24,235	27
SAARC	5,136,740	1,467,255,669	4,074,031	2,777	8
CSN	17,339,153	370,158,470	2,868,430	7,749	10
ASEAN	4,400,000	553,900,000	2,172,000	4,044	10
NAFTA	21,588,638	430,495,039	15,279,000	35,491	3
EurAsEC	20,789,100	208,067,618	1,689,137	8,118	6
ECOWAS	5,112,903	251,646,263	342,519	1,361	15
SACU	2,693,418	51,055,878	541,433	10,605	5
GCC	2,285,844	35,869,438	536,223	14,949	6
COMESA	3,779,427	118,950,321	141,962	1,193	5
Agadir	1,703,910	126,066,286	513,674	4,075	4
CEMAC	3,020,142	34,970,529	85,136	2,435	6
CARICOM	462,344	14,565,083	64,219	4,409	14+1 ³
EAC	1,763,777	97,865,428	104,239	1,065	3
CACM	422,614	37,816,598	159,536	4,219	5
PARTA	528,151	7,810,905	23,074	2,954	12+2 ³
EFTA	529,600	12,233,467	471,547	38,546	4
Reference blocs and countries ²	Area (km²)	Population	GDP (PPP) ($US)		Political divisions
Reference blocs and countries ²	Area (km²)	Population	in millions	per capita	Political divisions
UN	133,178,011	6,411,682,270	55,167,630	8,604	192
Germany	357,050	82,438,000	2,585,000	31,400	16
Japan	377,873	128,085,000	4,220,000	33,100	47
Canada	9,984,670	32,507,874	1,165,000	35,200	13
Indonesia	1,904,569	234,300,000	935,000	4,000	33
Brazil	8,514,877	187,560,000	1,616,000	8,600	27
Russia	17,075,200	143,782,338	1,723,000	12,100	89
India	3,287,590	1,102,600,000	4,042,000	3,700	35
China (PRC) ⁴	9,596,960	1,306,847,624	10,000,000	7,600	33
USA	9,631,418	300,000,000	12,980,000	43,500	50
¹ Including data only for full and most active members ² The first five states in the World by area, population and GDP (PPP) ³ Including non-sovereign autonomous entities of other states ⁴ Data for the People's Republic of China does not include Hong Kong, Macau and regions administered by the Republic of China (Taiwan). smallest value among the blocs compared largest value among the blocs compared During 2004. Source: CIA World Factbook 2005, IMF WEO Database This box: view • talk • edit

[edit] References

^ [1] REGIONAL INTEGRATION AND COOPERATION IN WEST AFRICA A Multidimensional Perspective, Chapter 1. Introduction: Reflections on an Agenda for Regional Integration and Cooperation in West Africa
^ “Economic Community of West African States (ECOWAS)” fact sheet from the US Department of State’s Bureau of African Affairs
^ “Annual Report on Integration in Africa 2002” All Africa, 1 March 2002