- Common Market: In a Common Market there are no barriers to the movement of goods, services and factors of production.
- Customs Union: A Customs Union consists of a group of countries that remove tariff and non tariff barriers to substantially all trade among them. In addition, they create and apply a common external tariff for goods from non member countries.
- ECOWAS: Economic Community of West African States.
- UEMOA/WAEMU: West Africa Economic Monetary Union.
- ECOWAS Certificate of Origin: A certificate that identifies and confirms goods as originating in ECOWAS and therefore eligible to benefit from ETLS.
- ETLS: ECOWAS Trade Liberalization Scheme.
- Ex-Factory Price: This refers to the price of the product at the factory gate. It includes the cost of production but excludes other costs e.g consumption tax.
- Free Trade Area: A Free Trade Area consists of a group of countries that remove tariff and non tariff barriers to substantially all trade among them.
- Member States: These are the 15 member countries that make up ECOWAS.
- Tariff: A financial charge in form of a tax imposed on imported products. (There are also export tariffs but these are uncommon.)
- Third Country: Any country that is not one of the 15 ECOWAS countries.
- Value Addition: The process of adding value to a product before offering it to consumers.