ECOWAS exit could see junta-led nations lose access to $702bn market
- Mali, Niger, and Burkina Faso considering withdrawing from ECOWAS could harm their fragile economies and worsen food insecurity.
- Exiting ECOWAS may lead to the loss of access to a $702 billion market and increased tariffs and restrictions.
- This move could worsen economic challenges and increase vulnerability, posing a threat to the stability of these nations.
The intentions of Mali, Niger, and Burkina Faso, currently under military rule, to withdraw from the Economic Community of West African States (ECOWAS) could have detrimental effects on their fragile economies and worsen existing issues of widespread food insecurity.
These landlocked nations, among the poorest in the region with an annual per-capita GDP of less than $1,000, face potential risks by breaking away from the West African bloc, per a report by Bloomberg.
Exiting ECOWAS puts them at the peril of losing access to a substantial $702 billion market, exposing them to elevated tariffs and restrictions on the movement of goods and financial flows. This move has the potential to exacerbate economic challenges and compound existing vulnerabilities, further threatening the stability of these nations.
Points clés à retenir
Niger, Mali, and Burkina Faso last Sunday announced plans to withdraw from ECOWAS due to dissatisfaction with sanctions imposed in response to recent coups in their respective countries. The leaders of these Sahel nations criticize the regional bloc, citing the organization's failure to provide adequate support in their ongoing struggles against terrorism and insecurity. The departure marks a rupture in the longstanding relationship between the junta-led West African states and the regional economic community.