PANAPRESS
Panafrican News Agency
ECOWAS leaders stress importance of customs union
Dakar, Senegal (PANA) - Heads of State and Government of the Economic Community of West African States (ECOWAS) have underscored the importance of a customs union as "a decisive and irreversible phase" in the process of consolidating the Region's common market.
In a communique issued on Friday in Dakar at the end of their summit, the leaders commended in particular the participatory process that characterised the identification of the major taxes of the deepening of the regional market and the flexibility demonstrated by Member States in arriving at a consensus on the final ECOWAS Common External Tariff (CET) structure and all its supporting measures.
It said determined to accelerate the process, the Heads of State and Government endorsed the final structure of the CET as well as all the regulatory texts adopted in Abidjan on 30 September 2013.
The leaders also endorsed the Supplementary Protection Measures (SPM), which consist of the Import Adjustment Tax (IAT) and the Supplementary Protection Tax (SPT) to allow for progressive adjustment in the harmonious application of the CET, which comes into force on the 1 January 2015.
The Summit directed the President of the ECOWAS Commission to take all necessary measures to support Cape Verde to implement the CET taking due account of its specificity.
The communique said with a view to consolidating the regional market, the Summit urged Member States to "scrupulously adhere" to the Trade Liberalization Scheme, notably through the strict application of the ECOWAS Rules of Origin and the continuation of the efforts to eliminate all non-tariff barriers and reactivate the Community Industrial Policy.
The Summit directed the President of the ECOWAS Commission to establish a Task Force on the Trade Liberalization Scheme.
It stressed the need for uniformity in duties and taxes necessary for the establishment of the CET and reaffirmed its commitment to the establishment of a single community levy in the Region’s customs zone.
The leaders decided to maintain the existing Community Levy in ECOWAS and West African Monetary Union (UEMOA) for a transitional period of five years.
-0- PANA MA 25Oct2013
In a communique issued on Friday in Dakar at the end of their summit, the leaders commended in particular the participatory process that characterised the identification of the major taxes of the deepening of the regional market and the flexibility demonstrated by Member States in arriving at a consensus on the final ECOWAS Common External Tariff (CET) structure and all its supporting measures.
It said determined to accelerate the process, the Heads of State and Government endorsed the final structure of the CET as well as all the regulatory texts adopted in Abidjan on 30 September 2013.
The leaders also endorsed the Supplementary Protection Measures (SPM), which consist of the Import Adjustment Tax (IAT) and the Supplementary Protection Tax (SPT) to allow for progressive adjustment in the harmonious application of the CET, which comes into force on the 1 January 2015.
The Summit directed the President of the ECOWAS Commission to take all necessary measures to support Cape Verde to implement the CET taking due account of its specificity.
The communique said with a view to consolidating the regional market, the Summit urged Member States to "scrupulously adhere" to the Trade Liberalization Scheme, notably through the strict application of the ECOWAS Rules of Origin and the continuation of the efforts to eliminate all non-tariff barriers and reactivate the Community Industrial Policy.
The Summit directed the President of the ECOWAS Commission to establish a Task Force on the Trade Liberalization Scheme.
It stressed the need for uniformity in duties and taxes necessary for the establishment of the CET and reaffirmed its commitment to the establishment of a single community levy in the Region’s customs zone.
The leaders decided to maintain the existing Community Levy in ECOWAS and West African Monetary Union (UEMOA) for a transitional period of five years.
-0- PANA MA 25Oct2013
