NECO Commerce 2023 Theory — Question 16

Model answer

(i) Free Trade: ECOWAS is a free trade area, meaning goods and services move freely between member countries without tariffs, helping Country Z export products to and import goods from other ECOWAS countries at lower prices. (ii) Common Market: ECOWAS is also a common market with free movement of people, capital and services, which can help Country Z attract foreign investment and access skills and talent from other member countries. (iii) Regional Integration: ECOWAS promotes greater political and economic cooperation between member countries, helping Country Z address common challenges such as security, poverty and climate change. (iv) Voice on the Global Stage / Access to Development Funds / Technical Assistance / Political Stability: ECOWAS membership gives Country Z a stronger voice internationally, access to development funds (e.g. from the World Bank and African Development Bank), technical assistance in trade, agriculture and finance, and support for political stability that attracts investment.