Union économique et monétaire Ouest africaine (UEMOA)
West Africa Economic and Monetary Union
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Contact Details
URL: https://www.uemoa.int/
URL: http://www.izf.net/
Facebook: https://www.facebook.com/UEMOAOfficielle/
Twitter: https://twitter.com/UEMOA_officiel
Founded
1994-08-01
History
Established on coming into effect of a Treaty, signed 10 Jan 1994, Dakar (Senegal), by Heads of State and Government of 7 countries of the subregion: Benin; Burkina Faso; Côte d'Ivoire; Mali; Niger; Senegal; Togo. Guinea-Bissau became the 8th member state on 2 May 1997.
Commenced activities, Jan 1995. Set up in response to devaluation of the CFA Franc, 11 Jan 1994.
By signing the UEMOA Treaty, the 7 first member states indicated their intention to complete the H-XD3426 - Union monétaire Ouest africaine (UMOA), which had existed between them since 12 May 1962, into an economic and monetary Union. In this regard, UEMOA complements and rounds off work of UMOA and replaces 'Union douanière économique des Etats de l'Afrique de l'Ouest (UDEAO)', set up 9 Jun 1959 and reorganized as H-XD3424 - Communauté économique de l'Afrique de l'Ouest (CEAO) on coming into force of the 'Treaty of Abidjan', 1 Jan 1974.
Common monetary zone launched Jan 2000.
Member states are also members of F-XF3711 - Pays africains de la Zone franc (PAZF).
Following convergence process, merger would be negotiated between the first monetary zone UEMOA and F-XF6262 - West African Monetary Zone (WAMZ) to create ECOWAS single monetary zone.
Aims
Strengthen competition in the context of an open, competitive market and a streamlined, harmonized legal framework; ensure the convergence of economic performance and policies by instituting a multilateral surveillance procedure; create a common market among member states, based on the free flow of persons, goods, services and capital; work towards an common external tariff and a common trade policy; establish the coordination of national sectoral policies; harmonize member states' laws to the extent necessary for proper functioning of the common market.
Events
27 past events available with paid subscription only.Activities
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I. 'Management Organs': (i) Conference of Heads of State and Government, the supreme authority, usually meets at least once a year and defines major trends of Union policy and general trends. (ii) Council of Ministers (meeting at least twice a year), ensures implementation of the general trends defined by the Conference by means of regulations, directives and decisions. It is a common organ of UMOA and UEMOA, drawing up monetary and credit policy and following UEMOA Commission activities; (iii) K-XK1800 - Commission de l'UEMOA, the executive organ, proposes regulations, directives and decisions to the Council, formulates recommendations and advice and ensures follow-up.
II. 'Monitoring Organs': (i) F-XF3675 - Cour de justice de l'UEMOA, based at Ouagadougou, comprises 8 members and ensures adherence to the law relating interpretation and application of the founding Treaty. (ii) K-XK1801 - Cour des comptes de l'UEMOA, based at Ouagadougou, comprises 3 members and keeps overall control of the Union's accounts.
III. 'Comité Interparlementaire' (interparliamentary committee) anticipates a future Parlement de l'Union (Parliament of the Union), comprises 40 members (5 per country) and is based at Bamako (Mali). Draft treaty on creation of a regional parliament was adopted by UEMOA Council of Ministers, 18 Nov 2002, Ouagadougou and by Head of State, 28 Jan 2003, Dakar (Senegal). The treaty is ratified by 7 of the 8 Member States.
IV. 'Consultative Organ': Chambre consulaire régionale (Regional Consular Chamber) is a federation of the consular chambers of member countries and is based at Lomé (Togo) (56 members).
V. 'Specialized Autonomous Financial Institutions': (i) F-XF4541 - Banque centrale des Etats de l'Afrique de l'Ouest (BCEAO); (ii) F-XF4540 - Banque ouest africaine de développement (BOAD).
Languages
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UIA Org ID
XF3713
** UN SDGs are linked to the subject classification.
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