The Economic Community of West African States (ECOWAS) has stressed the need for peace and unity in the region for the successful implementation of the African Continental Free Trade Area (AFCTA).

The body maintained that AFCFTA represents not just an opportunity, but a transformation for Africa, providing a platform for trade liberalisation, economic growth, and development.

Director of Trade, ECOWAS Commission, Kolawole Sofola, made the observations on Thursday at the capacity building on dispute settlement mechanisms under the AFCTA organized by the commission.

According to him, given the complexity of cross-border trade and investment, effective dispute resolution mechanisms are critical for ensuring the smooth operation of the AFCTA agreement and its protocols.

“As we work towards realizing the full potential of the African Continental Free Trade Area, it is clear that the mechanisms for resolving trade disputes will be a cornerstone in ensuring the success and the credibility of this landmark agreement,” he said.

According to him, AFCFTA will only succeed if the rules are adhered to and any dispute that arises is settled in a fair, efficient and transparent manner”.

He added that: “The benefits of trade agreements could be undermined, affecting investor confidence, distorting fair competition and stifling economic progress.

“By ensuring that disputes are addressed swiftly, we foster an environment that promotes fair trade, protects intellectual property rights, enhances innovation and ultimately contributes to the economic development of West Africa and the African continent as a whole.”

One of the organizers and facilitators at the workshop, the Director General, Nigerian Institute of Advanced Legal Studies, Professor Muhammed Ladan, shed light on the reason the workshop was important by saying that of all the 15 ECOWAS member states, only Benin Republic is yet to ratify the African Continental Free Trade Area agreement and that 54 African member states are signatories to the African contributory agreement.

“This means that as ECOWAS, we are actually integrated into the African contributors area agreement, already by 14 out of 15 ECOWAS member states being signatories and also parties, which means the agreements as of today, are legally binding on 14 out of 15 states.”

He explained that “because of the AFCTA agreement itself, article one defines the regional economic communities in Africa as the building block of the African Continental Free Trade Area agreement.

He said that with all the members participating in this workshop, it was hoped that the resolution and agreement arrived at would further help to build better relationships among the member states and also foster stronger collaboration, coordination, and knowledge sharing among ECOWAS Court judges, registry staff and legal officers in implementing dispute resolution mechanisms under both frameworks.

Also speaking, a Judge of ECOWAS Court, Justice Sengu Mohamed Koroma, said the workshop was a clear indication of professional collaboration between and among diverse institutions of the community.

“The adoption of the AFTA marks a pivotal milestone in the journey towards increased intra-African trade and the expansion of economic opportunities across our continent For ECOWAS member states.

This agreement is a significant complement to the existing ECOWAS framework on trade and free movement which have long fostered the free flow of goods, services and people within our sub-region.