Next Article in Journal
Barriers to Formal Help-Seeking Behavior by Battered Turkish Women According to Sociodemographic Factors
Previous Article in Journal
What Type of Industrial Agglomeration Is Beneficial to the Eco-Efficiency of Northwest China?
Article

Trade Facilitation and Its Impacts on the Economic Welfare and Sustainable Development of the ECOWAS Region

1
Department of Economics, Eastern Mediterranean University, Northern Cyprus, via Mersin 10, Gazimağusa 99450, Turkey
2
Department of Economics, Queen’s University, Kingston, ON K7L 3N6, Canada
*
Author to whom correspondence should be addressed.
Sustainability 2021, 13(1), 164; https://doi.org/10.3390/su13010164
Received: 29 November 2020 / Revised: 11 December 2020 / Accepted: 22 December 2020 / Published: 26 December 2020
(This article belongs to the Section Economic and Business Aspects of Sustainability)
The facilitation of trade is a principal objective in the context of increasing regional trade integration for the achievement of sustainable development goals. The purpose of this study is to estimate the potential annual economic gain to be had from trade facilitation by the coastal countries of the Economic Community of West African States (ECOWAS). These measures would decrease border and documentary compliance time and costs of the administration of international trade. A partial equilibrium welfare economics framework is used that employs sets of export supply and import demand elasticities for each country that are derived using a general equilibrium estimation method. The annual economic welfare gains resulting from the reduction of excessive trade compliance costs for the region are estimated to between US$1.6 billion to US$2.7 billion (2019 prices). This is between 0.24% and 0.42% of the combined GDPs of these countries. The welfare gain is between 6% and 10% of the combined governments’ budgets assigned for education, and is between 33% and 58% of their budgets allocated for health. In the absence of reform, these inefficient practices waste an amount equal to between 15% and 26% of the annual net official development assistance these countries receive. View Full-Text
Keywords: trade facilitation; West Africa; Economic Community of West African States (ECOWAS); regional integration; trade compliance costs; trade reform; economic welfare gains; sustainable development; SDGs 2030 trade facilitation; West Africa; Economic Community of West African States (ECOWAS); regional integration; trade compliance costs; trade reform; economic welfare gains; sustainable development; SDGs 2030
Show Figures

Figure 1

MDPI and ACS Style

Safaeimanesh, S.; Jenkins, G.P. Trade Facilitation and Its Impacts on the Economic Welfare and Sustainable Development of the ECOWAS Region. Sustainability 2021, 13, 164. https://doi.org/10.3390/su13010164

AMA Style

Safaeimanesh S, Jenkins GP. Trade Facilitation and Its Impacts on the Economic Welfare and Sustainable Development of the ECOWAS Region. Sustainability. 2021; 13(1):164. https://doi.org/10.3390/su13010164

Chicago/Turabian Style

Safaeimanesh, Shahrzad, and Glenn P. Jenkins 2021. "Trade Facilitation and Its Impacts on the Economic Welfare and Sustainable Development of the ECOWAS Region" Sustainability 13, no. 1: 164. https://doi.org/10.3390/su13010164

Find Other Styles
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop