Economic Zone

Introduction

The Economic Community of West African States (ECOWAS) is a regional economic organization comprising of 15 countries in West Africa. ECOWAS provides a platform for countries in West Africa to engage in economic cooperation, trade and other activities aimed at improving the socio-economic well-being of its citizens. ECOWAS was established in 1975 to foster regional economic integration and development, and it was formally inaugurated in 1977.

The purpose of ECOWAS is to promote the economic integration and development of West Africa and the improvement of the standard of living of its people. The organization is committed to the development of the region and the overall economic, social and cultural well-being of its citizens. Through the establishment of economic and social policies, as well as trade, economic and institutional development initiatives, ECOWAS seeks to create a unified economic area and establish an environment conducive to economic integration and investment.

Since its establishment, ECOWAS has become an important force in West Africa. The organization seeks to achieve a single market in all its member countries, enhance trade and investment between them, and build a strong economic base in the region. ECOWAS is implementing several initiatives and programs, such as the West African Economic and Monetary Union (WAEMU), the West African Monetary and Fiscal Integration Program (WAMFIP), and the West African Regional Productivity Program (WARPP), among others.

In order to reach its goals, ECOWAS provides support to its member countries in areas such as technology transfer and other institutional and capacity-building activities, as well as enabling investments and trade. ECOWAS also works closely with international partners and organizations, such as the African Development Bank (AfDB), the World Bank, and the United Nations Development Program (UNDP), to promote and facilitate economic integration and development in the region.

In addition to its efforts and initiatives, ECOWAS also works with the international community to ensure that its policies and initiatives are implemented and that the region is able to attract foreign direct investment. To this end, ECOWAS has undertaken several strategies, including the use of the Common External Tariff (CET) and the development of investment instruments such as the Common Investment Fund (CIF).

Conclusion

The Economic Community of West African States (ECOWAS) is an important regional economic organization that plays a critical role in economic integration and development in West Africa. Through the implementation of various strategies and initiatives, ECOWAS is working to foster regional economic integration and create an environment conducive to investment and trade. ECOWAS also works closely with international partners and organizations in order to ensure that its initiatives are implemented and that the region is able to attract foreign direct investment. Through its efforts, ECOWAS is helping to create a strong economic base for the region, which will in turn contribute to a more prosperous future for all its citizens.

The Greater Bay Area (GBA) of Guangdong Province is one of the most important economic regions of the Peoples Republic of China. The GBA is a 11-city cluster including Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, Zhaoqing, Guangdong Province and Hong Kong. Currently, it is one of the main pillars for Chinas economic and social development.

The GBA is strategically located in China and is a gateway to Southeast Asia and other international markets. China’s central government views the GBA as a powerful engine to drive further growth of the countrys economy as a whole.

The GBA has been fast-growing among the regions of China. In 2018, the regions total economic output reached 11 trillion yuan ($1.5 trillion), an increase of 8.1 percent compared to 2017, dominating the economies of the east and central provinces.

Among the 11 cities in the GBA, Hong Kong and Shenzhen possess the most powerful economic drivers. In 2018, the added value of Shenzhens industrial enterprises above a certain scale reached 1.76 trillion yuan, up by 8.6 percent. Hong Kongs GDP expanded by 3.5 percent in 2018, with exports of services and exports from the region both at 64 percent, representing the highest share in more than a decade.

The continued growth of the GBA is fueled by a number of major economic initiatives, such as the development of advanced industrial sectors — those that are more productive and technology-driven — and the nurturing of a range of emerging industries such as big data, artificial intelligence, and green energy.

The 2019 Asian Games, hosted by the GBA in Shenzhen, was a reminder to the world that the GBA is a powerful economic power, with great potential to continue developing further. The GBA will continue to be an important driver of economic growth in China and around the global stage.