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States of UEMOA

The West African Economic and Monetary Union (or UEMOA from its name in French, Union économique et monétaire ouest-africaine) is an organization of eight states of West Africa established to promote economic integration among countries that share a common currency, the CFA franc.

UEMOA was created by a Treaty signed at Dakar, Senegal, on January 10 1994 by the Heads of State and Government of Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo. On May 2, 1997, Guinea-Bissau became its eighth member state.

UEMOA is a customs union and monetary union between some of the members of Economic Community of West African States (ECOWAS). Its objectives are[1] REGIONAL INTEGRATION AND COOPERATION IN WEST AFRICA A Multidimensional Perspective, Chapter 1. Introduction: Reflections on an Agenda for Regional Integration and Cooperation in West Africa

  • Greater economic competitiveness, through open and competitive markets, along with the rationalization and harmonization of the legal environment
  • The convergence of macroeconomic policies and indicators
  • The creation of a common market
  • The coordination of sectoral policies
  • The harmonization of fiscal policies

In terms of its achievements, UEMOA members have implemented macroeconomic convergence criteria and an effective surveillance mechanism; have adopted a customs union and common external tariff (early 2000); have harmonized indirect taxation regulations; and have initiated regional structural and sectoral policies. A September 2002 IMF survey cited the UEMOA as "the furthest along the path toward integration" of all the regional groupings in Africa. “Economic Community of West African States (ECOWAS)” fact sheet from the US Department of State’s Bureau of African Affairs

ECOWAS and UEMOA have developed a common program of action on trade liberalization and macroeconomic policy convergence. ECOWAS and UEMOA have also agreed on common rules of origin to enhance trade, and ECOWAS has agreed to adopt UEMOA’s customs declaration forms and compensation mechanisms. “Annual Report on Integration in Africa 2002” All Africa, 1 March 2002

Contents

Members

Comparison with other Regional blocs

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Most active regional blocs
as of 2004
Regional bloc1 Area Population GDP ($US) Member
states1
km² sq mi in millions (PPP) in millions (nominal) per capita (PPP) per capita (nominal)
Agadir 1,703,910 657,883 126,066,286 513,674 N/A 4,075 N/A 4
AU 29,797,500 11,504,879 897,548,804 1,515,000 1,131,850 1,896 1,261 53
ASEAN 4,400,000 1,699,000 553,900,000 2,172,000 1,173,000 4,044 2,118 10
CACM 422,614 163,172 37,816,598 159,536 84,792 4,219 2,242 5
CARICOM 462,344 178,512 14,565,083 64,219 24,020 4,409 1,649 (14+1)3
CCASG / GCC 2,285,844 882,569 35,869,438 536,223 717,800 14,949 20,011 6
CEFTA 298,148 115,116 28,929,682 222,041 122,001 7,675 4,217 (7+1)3
EU 4,325,675 1,670,152 496,198,605 12,025,415 14,609,836 24,235 33,482 27
EurAsEC 20,789,100 8,026,720 208,067,618 1,689,137 1,125,528 8,118 5,409 6
EFTA 529,600 204,480 12,233,467 471,547 740,975 38,546 60,570 4
GUAM 810,506 312,938 63,764,600 456,173 106,469 7,154 1,670 4
NAFTA 21,588,638 8,335,420 430,495,039 15,279,000 15,309,985 35,491 35,564 3
PARTA 528,151 203,920 7,810,905 23,074 N/A 2,954 N/A (14+2)3
SAARC 5,136,740 1,983,306 1,467,255,669 4,074,031 N/A 2,777 N/A 8
Unasur / Unasul 17,339,153 6,694,684 370,158,470 2,868,430 N/A 7,749 N/A 12
UN and countries
for reference2 		Area Population GDP ($US) Units4
km² sq mi in millions (PPP) in millions (nominal) per capita (PPP) per capita (nominal)
UN 133,178,011 51,420,318 6,411,682,270 55,167,630 48,245,198 8,604 7,524 192
Brazil 8,514,877 3,287,612 188,078,261 1,594,482 1,067,706 9,108 6,842 27
Canada 9,984,670 3,855,103 32,507,874 1,165,000 1,275,273 35,200 42,738 13
India 3,287,590 1,269,346 1,102,600,000 4,042,000 873,659 3,700 965 35
Japan 377,873 145,898 128,085,000 4,220,000 4,366,459 33,100 34,023 47
PR China5 9,596,960 3,705,407 1,306,847,624 10,000,000 2,644,642 7,600 2,460 33
Russia 17,075,200 6,592,772 143,782,338 1,723,000 984,925 12,100 8,612 89
USA 9,631,418 3,718,711 300,000,000 12,980,000 13,194,700 43,500 45,594 50
Source: CIA World Factbook 2005, IMF WEO Database, IMF nominal figures for 2006.
Legend

     smallest value among the blocs compared     largest value among the blocs compared

Footnotes
1 Including data only for full and most active members.
2 Including the largest five countries by area, population (not #4), GDP (PPP) (not #5), and GDP (nominal) (not #3 or #5).
3 Including non-sovereign autonomous areas of other states.
4 Members or administrative divisions.
5 Data for the People\'s Republic of China does not include Hong Kong, Macau, or regions administered
   by the Republic of China (Taiwan).

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