West African Economic And Monetary Union (UEMOA)

UEMOA is an economic, integrating and cooperation organization that was created on January14, 1994.The organization has eight member states, which share a common monetary currency several decades ago, decided to join forces. The union has five majors’ goals such us: Reinforce the economic and financials competitiveness of the member states Assure the convergence of the performances and economic policies of the member states Create a common market between member states by having a common external tariff (CET) , a common trade policy, and free movement of persons, goods, capitals, and the right of establishment in member states Coordinate national sectors policies Harmonize member states legislations 1. The realizations of WAEMU Consolidation the macroeconomic framework: This involves strengthening the multilateral surveillance that is a process to control public finance imbalances and promote convergence within the member states. Since 2000, the multilateral surveillance is referred to a Pact called < Pact of Convergence, Stability, Growth, and Solidarity> signed by heads of states on December 1999. The creation of a common market: The WAEMU Custom Union became effective since January 1st 2000. It is characterized by trade liberalization intra-community, the implementation of a common external tariff (CET) vis-à-vis third-party countries. Implementation of Sectors Policies: one of the major’s goals of WAEMU is to develop the territory by putting into place efficient and feasible policies in sectors such as: Infrastructure, transport, telecommunication, industry, mines, art and energy, rural development (agriculture, breeding, fishing, and environment), and the development human resources (health, higher education, formation)