ECOWAS and the People's Republic of China on Wednesday, 24th October 2012 signed an agreement to bolster trade, economic, investment and technical cooperation between them. The framework agreement was signed by Vice-President of the ECOWAS Commission, Dr. Toga Gayewea McIntosh and visiting Vice-Minister of Commerce of China, Mr. Li Jinzao, at the head of a 35-member Chinese delegation. The agreement seeks to achieve two core objectives including deepening economic cooperation in trade, services, investment and infrastructural development. It is also intended to stimulate industrial and technical cooperation through joint production and ventures, promote technology transfer and stimulate greater interaction between the business sectors of both parties and their financial sectors.
The signing of the agreement is further evidence of the increasing relations between ECOWAS and China driven by the outcome 2006 China/Africa summit in Beijing during which President Hu JIntao pledged greater Chinese contribution to Africa's development.
To achieve the objectives of the latest agreement, both parties agreed to encourage the strengthening of cooperation among their businessmen; exchange information and training on regional and global trade in goods and services; encourage investment mainly in the areas of agriculture, forestry, fishing, quarrying, manufacturing, construction and the financial sector.
They are also to promote collaboration in infrastructure development, explore the possibility of developing cross-border infrastructure, encourage contacts among members of their chambers of commerce and encourage their financial institutions to support collaboration in trade, investment and infrastructure development.
A joint committee of both parties would be set up to monitor the implementation of the agreement, discuss trade and economic issues and offer suggestions for operationalizing the agreement.
Welcoming the Chinese delegation, Vice-President McIntosh praised the country's support for efforts by the region to advance its integration and political stability, saying that the deepening relation between the two parties represents their collective desire to enhance their partnership which is enjoying a new momentum.
"What a better way to foster this mutually desired new type of China-Africa strategic partnership than to strengthen our mutual trust politically and to expand our practical cooperation," he said, adding that the spirit and intent of the agreement is to engender "partnership in the effective mobilization of investment financing to adequately support sustainable development in West Africa."
The Vice-President expressed confidence in the implementation of the agreement, with the hope that both parties will work diligently so that the region can "adequately access the 20 billion dollars credit" offered by the Government of China to African countries for the development of infrastructure, agriculture, manufacturing and small and medium size enterprises.
Dr. McIntosh later made a presentation on the main infrastructure development priorities of the region and solicited Chinese support for completing the missing links of the 2,000-kilometre Trans-African Highway between Dakar and Lagos and the construction of the Commission Headquarters Extension. The road links nine of the region's 15 Member States and will contribute to facilitating intra-community trade and movement of citizens.
Responding, Vice-Minister Li expressed satisfaction with the growing relations between the two parties, saying it was in the spirit of partnership considering that China and Africa shared similar historical experiences. He noted that Chinese contribution has no political motivation but meant to deepen friendship between them and also to deliver win win benefits to both sides.
Both parties agreed that two (2) technical committee would be set up to undertake further review of the two priority projects identified by ECOWAS for Chinese assistance in order to agree on the modalities for implementation.
The signing of the agreement is further evidence of the increasing relations between ECOWAS and China driven by the outcome 2006 China/Africa summit in Beijing during which President Hu JIntao pledged greater Chinese contribution to Africa's development.
To achieve the objectives of the latest agreement, both parties agreed to encourage the strengthening of cooperation among their businessmen; exchange information and training on regional and global trade in goods and services; encourage investment mainly in the areas of agriculture, forestry, fishing, quarrying, manufacturing, construction and the financial sector.
They are also to promote collaboration in infrastructure development, explore the possibility of developing cross-border infrastructure, encourage contacts among members of their chambers of commerce and encourage their financial institutions to support collaboration in trade, investment and infrastructure development.
A joint committee of both parties would be set up to monitor the implementation of the agreement, discuss trade and economic issues and offer suggestions for operationalizing the agreement.
Welcoming the Chinese delegation, Vice-President McIntosh praised the country's support for efforts by the region to advance its integration and political stability, saying that the deepening relation between the two parties represents their collective desire to enhance their partnership which is enjoying a new momentum.
"What a better way to foster this mutually desired new type of China-Africa strategic partnership than to strengthen our mutual trust politically and to expand our practical cooperation," he said, adding that the spirit and intent of the agreement is to engender "partnership in the effective mobilization of investment financing to adequately support sustainable development in West Africa."
The Vice-President expressed confidence in the implementation of the agreement, with the hope that both parties will work diligently so that the region can "adequately access the 20 billion dollars credit" offered by the Government of China to African countries for the development of infrastructure, agriculture, manufacturing and small and medium size enterprises.
Dr. McIntosh later made a presentation on the main infrastructure development priorities of the region and solicited Chinese support for completing the missing links of the 2,000-kilometre Trans-African Highway between Dakar and Lagos and the construction of the Commission Headquarters Extension. The road links nine of the region's 15 Member States and will contribute to facilitating intra-community trade and movement of citizens.
Responding, Vice-Minister Li expressed satisfaction with the growing relations between the two parties, saying it was in the spirit of partnership considering that China and Africa shared similar historical experiences. He noted that Chinese contribution has no political motivation but meant to deepen friendship between them and also to deliver win win benefits to both sides.
Both parties agreed that two (2) technical committee would be set up to undertake further review of the two priority projects identified by ECOWAS for Chinese assistance in order to agree on the modalities for implementation.
