The Economic Community of West African States (ECOWAS) has emphasized that peace and unity are critical to the success of the African Continental Free Trade Area (AFCTA) in the region.
During a capacity-building workshop on AFCTA’s dispute settlement mechanisms, Kolawole Sofola, Director of Trade at the ECOWAS Commission, highlighted the importance of resolving cross-border trade and investment disputes to ensure smooth operation of the AFCTA agreement. “As we work towards realizing the full potential of AFCTA, effective dispute resolution will be the cornerstone of its success,” he said.
Sofola underscored that AFCTA represents a transformative opportunity for Africa, offering a platform for trade liberalization, economic growth, and development. However, its success depends on adherence to rules and swift dispute resolution to maintain investor confidence and promote fair competition.
Professor Muhammed Ladan, a workshop facilitator, noted that 14 out of 15 ECOWAS member states are already signatories to AFCTA, making the agreement legally binding in the region. He explained that ECOWAS, as one of the building blocks of AFCTA, plays a crucial role in implementing the agreement and its protocols.
Ladan expressed optimism that the workshop’s outcomes would enhance collaboration, coordination, and knowledge sharing among ECOWAS member states and legal professionals, contributing to stronger regional integration and dispute resolution mechanisms.
