US TRADE WITH FRANCO- WEST AFRICA HITS US$1.8B

Representatives of the United States of America and the West African Economic and Monetary Union held the sixth meeting of the US/UEMAO Trade and Investment Framework (TIFA) Council. The two sides discussed trade and investment related issues, including the implementation of the African Growth and Opportunity Act, co-operation in the World Trade Organisation (WTO) as well as issues on regional integration, infrastructure and trade capacity building.

The US team was led by Deputy Trade Representative Demetrios Marantis along with officials from the Departments of Commerce, Agriculture, Transportation and Energy. The UEMAO delegation includes Christophe Dabine, Commissioner for Regional Integration and Trade, Burkina Faso Commerce Minister Mr Kone and other UEMAO member state officials.

The US-UEMAO TIFA Agreement was signed in April 2002, to provide a platform of discussion on trade and investment between the US and the eight member countries of UEMAO namely, Benin, Burkina Faso, Cote d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.

US exports to UEMAO countries were US$1.0billion in 2009: Benin ($389million), Cote d’Ivoire ($206million), (Senegal $178million), (Togo $125million), (Niger $58million), (Mali $37million), (Burkina Faso $26million) and (Guinea $2million). The top export goods are vehicles ($374million), mineral fuel (oil) ($216million), machinery ($95million), plastic ($44million) and cereals (rice) ($38million).

US imports from the region totalled US$871million: Cote d’Ivoire ($745million), Niger ($106milliom), Senegal ($7million), Togo ($7million), Mali ($4million), Burkina Faso ($2million), Benin ($441,000) and Guinea ($43,000). The top imports include cocoa ( $641million), mineral fuel ($168million), rubber ($22million), wood ($10million) and special orders (returns) ($9million).

Total two-way trade between US and UEMAO member states in the first 5months of 2010 was valued at US$1.2million, up by 73% from the corresponding period in 2009.