Trade Liberalization in ECOWAS Sub Region: Implication for National Economic Development and Emancipation

Abstract

Trade liberalization as opposed to trade restriction and unguarded protectionist policies of some nations have no doubt, substantially accounted for increase in nations’ economic development, growth and emancipation. The anachronistic practices of mercantilism of centuries ago, have given way to the concept of free trade and comparative advantage, which have subsequently propelled interdependence, trade corporations and collaborations among nations of the world. There is freedom of trade between and within sub-regions all over the globe. The European Union (EU) has free trade-zones, the United State of America, the Arab world, Asia and African Union (AU) are not left out. Regional and sub-regional bodies form alliances which result in trade treaties that guarantee uninterrupted free-flow of trade between nations. The Economic Community of West African States (ECOWAS) which is constituted of countries in the West African sub-region has since its formation enveloped itself into a formidable international collaborative trade unionism for the purpose of effective economic governance, which translates into overall economic development and emancipation in the sub-region. It is the considered view of this paper that trade liberalization has a direct positive implication for national economic development and emancipation, particularly in Nigeria.

Keywords: Trade, Liberalization, Mercantilism, Protectionist Policies, Globalization, Economic development and               emancipation, European Union, (EU) African Union (AU).