The Legal Framework For Economic Integration, Trade and Investment in ECOWAS Sub-region

Abstract

After the Second World War provoked by Germany's attack on Poland, it was
thought that regional economic integration will go a long way in preventing
such aggression. It was reasoned that trade which economic integration would breed will create mutual interest which inhibits aggression and where goods were in circulation, weapons will fall silent. This thinking led to the formation of the United Nation (UN) with a view to ensuring world peace and to encourage the formation of regional economic institutions such as the European Union (EU) and Economic Community of West African States (ECOWAS) including Latin America Free Trade Association (FTA) in 1960, Central America Common Market (CACM) in 1961, Association of South-East Asian Nations (ASEAN) in 1967, The Caribbean Free Trade Association (CFTA) in 1968 and the Central African Economic Community (CAEC) in 19831. With regard to ECOWAS, the fundamental push for the formation of this regional economic community was the fact that trade relationship between nation States in the sub-region with European countries was a 'husband and spouse' arrangement. European countries were the husband while individual West African States were the spouse. The key feature of the husband and spouse arrangement was that trade between the husband and each spouse was naturally dominated by the husband to the detriment of the 'spouse' unless the 'spouse' work together to prevent this from happening. The formation of ECOWAS by the founding fathers was intended to give the different 'spouses' that constitute the Community the economic muscle that will thwart the dominance of the 'husband.' The above two fundamental considerations underpinned the formation of regional economic blocks such as ECOWAS. Whether ECOWAS in particular, has fulfilled the expectations of its
founders is a question of fact that remains to be seen.