ECOWAS, China meet on trade, investment, technical cooperation

Posted: October 30, 2012 in general

A high-level delegation of the Economic Community of West African States (ECOWAS) and Chinese officials have held talks, Wednesday, October 24, in Abuja, Nigeria’s capital, on ways to boost trade, investment and technical cooperation between China and the region.

President of the ECOWAS Commission, Kadre Desire Ouedraogo led the 32-member ECOWAS delegation, while Mr. Li Jinzao, the Vice- Minister of Commerce of the People’s Republic of China spearheaded his country’s 36-member delegation which included officials from Chinese embassies in ECOWAS Member States.

Included in ECOWAS delegation are officials in the relevant sectors, Commissioners and Mr. Ernest Komenan, Vice-President Operations of the ECOWAS Bank for Investment and Development (EBID), while the Chinese delegation also included officials from various ministries and companies in the relevant areas.

The discussions are expected to result in the signing of a framework agreement for cooperation in the identified areas with a view to enhancing economic cooperation between both sides in trade, services, investment and infrastructural development. The agreement will also cover industrial and technical cooperation through joint ventures, common exploitation and the transfer of technology.

To achieve these objectives, both parties are expected to work towards strengthening ties between their businessmen, exchange information on training programmes,  promote trade facilitation and transparent business environment, and encourage investment especially in agriculture, forestry and fishing, mining and quarrying, as well as manufacturing and processing, transport and communication, building, construction and finance.

The agreement requires the establishment of a joint committee comprising representatives of both parties with responsibility to monitor and examine the effective implementation of the agreement, discuss trade and economic issues of mutual interest, resolve associated challenges and propose recommendations for achieving the objectives of the agreement.

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