Turkey and West African trade bloc ink cooperation deal

Turkey and the Economic Community of West African States (ECOWAS) signed a trade and investment cooperation agreement on Thursday during an economic and business forum in Istanbul.

The forum welcomed the establishment of ECOWAS-Turkey Joint Commission, according to a joint declaration.

The agreement was recognised as a great achievement of the forum and an important milestone in institutionalising relations between Turkey and ECOWAS Commission.

"Trade volume with the bloc increased 10 fold to over $2 billion in the last decade from $200 million," Nihat Zeybekci told an opening ceremony of the forum between Turkey and ECOWAS.

"Our aim is to bring it up to $5 billion in the short term and to $10 billion in the long term on a win-win approach. The only way to achieve this is a free trade agreement between Turkey and ECOWAS," he said.

The stakeholders decided to intensify collaboration in a number of areas such as finalising the legal framework for developing and promoting trade and investment cooperation, increasing the trade volume, developing investment relations, implementation of joint infrastructure and development projects and developing financing mechanisms for trade and investment.

It was also decided that a dialogue will be held between Turkey's Foreign Economic Relations Board (DEIK) and Federation of West Africa Chambers of Commerce and Industry (FEWACCI).

The agreement added that private sectors of member countries will be strengthened through the establishment of business councils at a bilateral level.

Turkey expressed its willingness to start negotiations for a free trade agreement.

Participants of forum 

Ministers and government officials from 15 ECOWAS member-states – Benin, Burkina Faso, Cabo Verde, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo – participated in the forum.

ECOWAS was established in 1975 in order to promote West African countries' integration in various areas such as industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, and social and cultural issues.

Several meetings were held in which West African officials promoted their projects to Turkish businesses.

The next forum will be held in 2019.