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Virtual Training for members of the National Approval Committee (NAC) of Burkina Faso on the ECOWAS Trade Liberalisation Scheme (ETLS), 15– 19 October 2020 / Definition of terms and acronyms

  • 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.

 

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