EXIM BANK: AGGRANDIZING BILATERAL TRADE ...pezzottaitejournals.net/pezzottaite/images/ISSUES/V4N3/...Exim Bank has two representative offices in Africa, which are located in Addis

Volume 4, Number 3, July – September’ 2015

ISSN (Print):2319-9059, (Online):2319-9067

PEZZOTTAITE JOURNALS SJIF (2012): 3.946, SJIF (2013): 5.017, SJIF (2014): 5.912

International Journal of Trade & Global Business Perspectives© Pezzottaite Journals. 1887 |P a g e

EXIM BANK: AGGRANDIZING BILATERAL TRADE RELATIONS

WITH ECOWAS COUNTRIES

Reeva Verma20 Pratibha Giri21 Dr. A. K. Jain22

ABSTRACT

ECOWAS has been considered one of the pillars of the African Economic Community, Member countries making up ECOWAS

are Benin, Burkina Faso, Cape Verde, Cote d’ Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger,

Nigeria, Sierra Leone, Senegal and Togo. India emerged as the largest market for ECOWAS, accounting for 10.8% of

ECOWAS’s global exports. India’s total exports to ECOWAS have risen 6-fold to US$ 7 billion in 2013 and total imports from

ECOWAS have risen 23-fold to US$ 15.7 billion. As a result, India’s trade balance with ECOWAS has turned negative in

recent years, primarily due to the large and rising volume of crude petroleum imports. Due to matching India’s capability in

high value-added production and manufacturing with an increasing import demand in ECOWAS for such products and

technology, could prove to be a win-win situation for both India and ECOWAS. The representative offices of Exim Bank India

interface with various institutions such as African Development Bank, Industrial Development Corporation of South Africa

Ltd., regional financial institutions to improve and develop strategies and strengthening bilateral ties, for focusing on India’s

export potential to ECOWAS countries. The objective of this paper is to analyze contribution of Exim bank for enhancing

economic cooperation with ECOWAS countries.

KEYWORDS

ECOWAS Countries, Exim Bank of India, African Development Bank, Economic Cooperation etc.

INTRODUCTION

The Economic Community of West African States (ECOWAS) is one the major trading blocs in Africa. ECOWAS is meant to

foster interstate economic and political cooperation, Established on May 28 1975 via the treaty of Lagos, The main objective of

ECOWAS is to promote cooperation and integration in the context of an economic union of West Africa in order to raise the

living standards of its people, to maintain and increase economic stability, to strengthen relations among the member states and

contribute to the progress and development of the African continent. In order to establish a unified economic zone, ECOWAS

sought the removal of customs duties for intra-ECOWAS trade, establishment of a common external tariff (CET) and

harmonization of economic and financial policies.

Export-Import Bank of India (Exim Bank), set up in 1982 as an apex financial institution to finance, facilitate and promote

India‘s international trade, has constantly strived to contribute towards India‘s globalization efforts. India has become increasingly

important as a source of imports for ECOWAS in recent years, and is currently the fifth largest source of global imports of

ECOWAS. Exim Bank's latest study highlights that the two-way trade between India and ECOWAS region has witnessed a robust

12-fold rise, from US$ 1.9 billion in 2004 to touch US$ 22.7 billion in 2013. While India is total exports to ECOWAS have risen

6-fold to US$ 7 billion in 2013, India‘s total imports from ECOWAS have risen 23-fold to US$ 15.7 billion. The study highlights

that in order to further enhance India‘s trade with the ECOWAS region and at the same time to address the rising trade deficit, an

important strategy would be to focus on India‘s export potential to ECOWAS countries. Accordingly, Given India‘s expertise in

several manufactured products, and technology, which is affordable and adaptable, ECOWAS countries, would also stand to gain

with increased imports of such items from India. Exim Bank has two representative offices in Africa, which are located in Addis

Ababa, Ethiopia and Johannesburg, South Africa. These offices play important roles in facilitating Bank‘s engagements with the

African countries.

The representative offices interface with various institutions such as African Development Bank, Industrial Development

Corporation of South Africa Ltd., regional financial institutions such as West African Development Bank (BOAD); African

Export-Import Bank (Afreximbank); and Eastern and Southern African Trade and Development Bank (PTA Bank); as well as

Indian missions in the region, thereby being closely associated with the Bank‘s initiatives in the African region. Exim Bank will

make the payment of the eligible value to the Indian exporters. The Bank has also signed Memorandum of Understanding (MOUs)

and Memorandum of Cooperation (MOCs), through the Government of India, with the Governments in West Africa to promote

trade and investment. It has also financed various Indian joint ventures in the region.

20Research Scholar, Department of Management Studies, J.S.S.A.T.E., Noida, India, [email protected] 21Assistant Professor, Department of Management Studies, J.S.S.A.T.E., Noida, India, [email protected] 22Reader, Faculty of Commerce & Management, C.C.S. University, Uttar Pradesh, India, [email protected]

mailto:[email protected]







LITERATURE REVIEW

In April 1980, a regional economic summit was organized in Lusaka, Zambia by Angola, Botswana, Lesotho, Malawi,

Mozambique, Swaziland, Tanzania, Zambia and Zimbabwe. In this summit, the Lusaka Declaration was made which established

Southern African Development Coordination Conference (SADCC). The main objectives of SADCC were to reduce the economic

dependence on South Africa and promote regional cooperation (Soderbaum 1996). ECOWAS as a regional bloc also envelops the

Francophone and Anglophone sub-regional blocs, WAEMU, which comprises of the seven Francophone member states and

WAMZ, also comprising five Anglophone countries. The WAMZ was formed in December 1999 spearheaded by Ghana and

Nigeria. WAEMU and WAMZ are regarded as a two-track strategy to fast track the ultimate aim of EMU. The WAMZ are

working on modalities to introduce a common currency (Eco) as WAEMU, and then an eventual merger of these two currencies

into single currency for West Africa.

The major free trade areas in SSA include the Economic Community of West African States (ECOWAS), the Common Market for

East and Southern Africa (COMESA), and the South African Development Community (SADC). Compared to monetary unions,

these trade alliances have a relatively recent history and largely resulted from the initiative of African countries. The potential

advantages of trade liberalization and integration for African countries are firmly rooted in a theory of economies of scale

(Oyejide, 1998).

Trade unions in Africa have demonstrated limited prospects of enhancing economic development.

Hanink and Owusu (1998) use a trade intensity index to analyze trade within ECOWAS and find that it has not promoted trade

among its members.

Similarly, Jebuni (1997) recognizes the challenges of trade reform in Africa and argues that full trade liberalization is a more

useful approach to development than merely engaging in preferential trade agreements.

The ECOWAS is guided by its fundamental Principles in all its dealings with member states, citizens and other external bodies.

These principles are enshrined in the Treaty of the Community, which is also the fundamental document bringing the members

together.

The ECOWAS fundamental Principles states that:

The High Contracting Parties

In pursuit of the objectives stated in Article 3 of the ECOWAS Treaty, solemnly affirm and declare their adherence to the

following principles:

Equality and inter-dependence of Member States;

Solidarity and collective self-reliance;

Inter-State co-operation, harmonization of policies and integration of programmes;

Non-aggression between Member States;

Maintenance of regional peace, stability and security through the promotion and strengthening of good neighborliness;

Peaceful settlement of disputes between Member States, active Co-operation between neighboring countries and

promotion of a peaceful environment as a prerequisite for economic development;

Recognition promotion and protection of human and peoples‘ rights in accordance with the provisions of the African

Charter on Human and Peoples‘ Rights;

Accountability, economic and social justice and popular participation in development;

Recognition and observance of the rules and principles of the Community;

Promotion and consolidation of a democratic system of governance in each Member State as envisaged by the

Declaration of Political Principles adopted in Abuja on 6 July 1991;

Equitable and just distribution of the costs and benefits of economic co-operation and integration.

Macroeconomic Environment of ECOWAS

ECOWAS is endowed with ample supply of untapped mineral resources, which locally undergo elementary processing.

ECOWAS accounts for 17% of total land area of Africa; 30% of total African population and 30% of total GDP of Africa.

ECOWAS enters its 40th year of existence; considerable efforts have now been made in harmonizing macroeconomic policies

and private sector promotion towards achieving economic integration. These efforts have given rise to some initiatives which

include implementation of the roadmap for the ECOWAS single currency programme, monitoring and evaluation of performance





and macroeconomic convergence, management of the ECOWAS Macroeconomic Database & Multilateral Surveillance System

(ECOMAC) as well as co-operation with other regional and international institutions.

The ECOWAS region has large reserves of bauxite (Guinea), uranium (Niger), iron (Guinea and Liberia), gold deposits with very

high mineral content (Burkina Faso, Côte d‘Ivoire, Ghana, and Mali), diamonds (Guinea, Liberia, and Sierra Leone), petrol and

natural gas (Côte d‘Ivoire, Ghana, Niger and Nigeria), phosphate (Senegal and Togo) as well as considerable reserves of several

other minerals (carbon, limestone, manganese, marble, and platinum). Further, with member countries adapting various common

development policies, the region offers good and genuine prospects for growth. The GDP of ECOWAS region is estimated to

have increased by over four-fold from US$ 192.1 bn in 2004 to US$ 724.9 bn in 2014.Just go through the table 1.

Nigeria has the largest economy among ECOWAS member states, accounting for 79% of total GDP of ECOWAS, followed by

Ghana and Côte d‘Ivoire. At the same time, per-capita income of ECOWAS also increased from US$ 761.3 in 2004 to US$

2187.8 in 2014. Cabo Verde, Nigeria, Côte d‘Ivoire and Ghana have the highest per-capita income among the countries in the

region during 2014.The combined international reserves of the region is estimated at US$ 56.4 bn in 2014, covering 5.8 months of

the region‘s global imports. Nigeria has the largest foreign exchange reserves in the region, with an import cover of 6.6 months.

The region had witnessed much lower inflation in 2014 vis-à-vis that of 2004. However, since agriculture accounts for a large

share of the GDP of many of the ECOWAS countries, disruptions from the Ebola virus outbreak during the planting season in

2014 have resulted in diminishing yields for the staple crops resulting in higher food prices in countries like Liberia, Guinea and

Sierra Leone.

Ghana had witnessed a double-digit inflation of 15.5% in 2014 driven by increases in the price of utilities and fuel, reflecting

persistent decline in the value of the currency.

ECOWAS as a group experienced a current account deficit of 0.1% of GDP in 2014, as against a surplus of 7.2% of GDP in 2004.

Only Nigeria recorded surplus in the current account in 2014 among ECOWAS countries.

Foreign Trade of ECOWAS

ECOWAS is one of the largest trading blocs in Africa in terms of total trade, accounting for 20.7% of Africa‘s total trade in 2013.

The region has around 40% of global bauxite reserves, 5% of uranium reserves and 4% of iron ore reserves. The region is known

for holding some of the largest reserves of oil and gas in the world. Nigeria has one of the world‘s largest proven natural gas and





petroleum reserves, and is a leading producer and exporter of crude petroleum. The formation of this African trade bloc helped in

increasing the level of regional integration among the countries in the region, along with increasing the trade within the African

continent as well as with other countries. Total trade of ECOWAS countries has increased three-fold from US$ 86.8 bn in 2004 to

US$ 250 bn in 2013 (Table 2). Though the trade of the region as a whole has increased, there exist wide disparities in trade

among member countries. For instance, Nigeria alone accounts for 70.3% of total trade of the region, and the top three member

countries together accounted for 90% of total trade of ECOWAS region in 2013. In 2013, India emerged as the largest market for

ECOWAS, accounting for 10.8% of ECOWAS‘s global exports, followed by USA, Brazil, Spain, France and South Africa. As

regards global imports of ECOWAS, China has emerged as the leading supplier, accounting for as much as 18.8% of ECOWAS‘s

imports in 2013, followed by USA, France, and South Korea. India has become increasingly important as a source of imports for

ECOWAS in recent years, and is currently the fifth largest source of global imports of ECOWAS.

India’s Trade Relations with ECOWAS Countries

India‘s total trade with ECOWAS has risen nearly 12-fold, from US$ 1.9 bn in 2004 to touch US$ 22.7 bn in 2013 (Table 3).

While India‘s total exports to ECOWAS have risen from US$ 1.2 bn in 2004 to US$ 7.0 bn in 2013, depicting a 6-fold rise during

the period, India‘s total imports from ECOWAS have also risen from US$ 0.7 bn to US$ 15.7 bn, showing a 23-fold rise. As a

result, India‘s trade balance with ECOWAS, which stood at a surplus of US$ 0.5 bn in 2004, has turned negative in recent years.

India‘s trade deficit with ECOWAS in 2013 amounted to US$ 8.7 bn.

India has increasingly become an important trading partner of ECOWAS. In 2013, India‘s share in ECOWAS‘s imports increased

to 2.1% from 1.6%in 2004. Further, around 10.8% of ECOWAS‘s total exports are towards India, up from 0.9% in 2004, making

India the largest export destination for ECOWAS. At the same time, ECOWAS‘s share in India‘s global imports has also risen,

from 0.7% in 2004 to around 3.4% in 2013, while 2.1% of India‘s total exports are towards ECOWAS region in 2013, up from

1.6% in 2004.Nigeria is India‘s largest export market in the ECOWAS region, accounting for around 41.4% of India‘s total

exports to ECOWAS in 2013. Other major export markets of India in ECOWAS include Ghana, Benin, Senegal and Togo.

Nigeria is a leading market in the ECOWAS region for India‘s exports of vehicles, machinery, and electrical equipment, while

Ghana is a major market for India‘s exports of pharmaceuticals, iron and steel, machinery, vehicles and electrical equipment.

Benin is a leading market for India‘s exports of cereals, accounting for 43.4% of India‘s exports of cereals to ECOWAS.

India‘s top five major exports to ECOWAS, namely, cereals, pharmaceuticals, vehicles, machinery, and electrical & electronic

equipment‘s, have a combined share of 52% of India‘s total exports to ECOWAS in 2013. Other important items of India‘s export

to ECOWAS would include iron & steel, mineral fuels, plastics and articles, cotton, and articles of iron and steel.

ECOWAS is increasingly emerging as an important destination for India‘s exports of cereals.

During the period 2004-2013, while India‘s global exports of cereals rose 8-fold, from US$ 1.4 bn to US$ 11.4 bn, India‘s exports

to ECOWAS rose 11- fold, from US$ 120.3 mn to US$ 1.3 bn, with the major markets being Benin, Senegal, Liberia, and Côte

d‘Ivoire. In 2013, ECOWAS accounted for 11.6% of India‘s global exports of cereals. Benin is the fifth-largest export destination

for India‘s export of cereals (after Iran, Saudi Arabia, Bangladesh, and UAE), accounting for 5.1% of India‘s global exports. As

regards pharmaceuticals, India‘s export to ECOWAS has risen from US$ 154.5 mn in 2004 to US$ 753.7 mn in 2013. The region

accounted for 6.3% of India‘s exports in 2013.Nigeria is the leading market in the ECOWAS region, followed by Ghana, Benin,

and Burkina Faso. ECOWAS also emerged as an important market for India‘s exports of vehicles, with India‘s exports to the

region risen over ten-fold from US$ 59.9 mn in 2004 to touch US$ 650.4 mn in 2013, accounting for 4.7% of India‘s global

export of vehicles.

The largest markets in the ECOWAS region are Nigeria, Ghana, Guinea and Côte d‘Ivoire. As regards imports, Nigeria is India‘s

largest import source, followed by Guinea and Côte d‘Ivoire. Nigeria is the fourth-largest global import source (after Saudi

Arabia, Iraq and Qatar) for India‘s import of mineral fuels. Crude oil dominates India‘s mineral fuel import from Nigeria. Mineral





fuels, which are largely dominated by crude oil, are the largest items in India‘s import basket from ECOWAS, accounting for as

much as 90% of India‘s total imports from ECOWAS in 2013.India‘s largest non-oil imports include edible fruit and nuts, which

accounted for 3.9% of India‘s imports from ECOWAS, wood and articles of wood, and cotton.

India’s Trade Balance with ECOWAS Countries

Underlying the robust trend in bilateral trade (total trade) between India and ECOWAS, which has risen from US$ 1.9 bn 2004 to

as much as US$ 22.7 bn in 2013, has been significant trade deficit with ECOWAS (Table 4).

India‘s trade balance with ECOWAS, which stood at a surplus of US$ 0.5 bn in 2004, turned into a deficit thereafter, widening

from (-) US$ 4.7 bn in 2006 to touch (-) US$ 8.7 bn in 2013. Amongst ECOWAS members, India maintains a trade deficit with

Nigeria, Guinea, Guinea-Bissau, and Cabo Verde; while it maintained a trade surplus with Benin, Ghana, Senegal, Togo, Liberia,

Sierra Leone, Burkina Faso, Niger, Mali, the Gambia and Côte d‘Ivoire.

India‘s trade deficit with ECOWAS is primarily due to the large and rising volume of crude petroleum imports, mainly from

Nigeria and Guinea. While India‘s deficit with Guinea-Bissau is primarily on account of high imports of edible fruit, nuts (mainly

cashew nuts), trade deficit with Cabo Verde is mainly on account of large imports of iron and steel (mainly ferrous waste and

scrap).To further enhance India‘s trade with the ECOWAS region, and at the same time to address the rising trade deficit, an

important strategy would be to focus on India‘s export potential to ECOWAS countries, with which India maintains the largest

and rising trade deficit. Such a strategy would also contribute to the overall efforts to enhance India‘s exports to ECOWAS.

Graph-1: India’s Trade with ECOWAS, 2004-2013

Note: Imports data from 2006 include oil imports.

Sources: ITC Trademap derived from UN Comtrade.





Sources: Authors Compilation

Export-Import Bank of India in ECOWAS Region

Exim Bank offices play important roles in facilitating Bank‘s engagements with the African countries. The Bank has extended

Lines of Credit (LOCs) in the region at competitive rates. Exim bank has also initiated many financing programmes in African

countries:

Financing Programmes

Lines of Credit

Exim Bank extends Lines of Credit (LOCs) to overseas Governments, parasternal organisations, financial institutions, commercial

banks and regional development banks to support export of eligible goods and services on deferred payment terms. The Indian

exporters can obtain payment of eligible value from Exim Bank, without recourse to them, against negotiation of shipping

documents. LOC is a financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters,

especially to SMEs, and serves as an effective market entry tool.

Support for Project Exports

The Bank extends both funded and non-funded facilities to Indian project exporters for overseas industrial turnkey projects, civil

construction contracts, supplies, as well as technical and consultancy services contracts. As on March 31, 2015, the value of

ongoing 59 project contracts secured by Indian project exporters in West Africa amounted to Rs. 103.3 bn. Of these, 49 project

contracts valued at Rs 27.6 bn are under GOI-supported LOCs.

Finance for Joint Ventures Overseas

Such support includes loans and guarantees, equity finance and in select cases direct participation in equity along with Indian

promoter to set up such ventures overseas. These ventures serve to promote value addition, as also contribute to capacity building

in host countries.





Institutional Linkages and Arrangements

Towards facilitating economic cooperation, Exim Bank has taken up equity in West African Development Bank (BOAD),

Development Bank of Zambia and Afreximbank. These endeavors are supplemented by the various Memoranda of Cooperation

(MOCs) / Memoranda of Understanding (MOUs), the Bank has in place with key institutions in the African region and especially

West African Countries including: Nigerian Export-Import Bank (NEXIM); African Development Bank (AfDB); Afreximbank;

Board of Investment, Mauritius; Industrial Development Corporation of South Africa Limited (IDC); Eastern and Southern

African Trade and Development Bank (PTA Bank); Banque Internationale Arabe de Tunisie Tunisia; Industrial Development

Bank of Sudan; Foreign Investment Promotion Agency, Tunisia; and Societe Tunisienne de Banque, Tunis.

CONCLUSION

The ECOWAS region is well endowed with natural resources, including strategic and precious minerals and metals, supplying

raw material and energy for industries. These resources play crucial role in the development of the region. Exim bank focuses on

areas of bilateral/ multilateral cooperation among countries and their potential for further development. Exim bank trying to create

an enabling environment for enhancing two-way flow of trade, investment and technology between India and the African region,

focusing on ECOWAS, while also promoting infrastructure development, facilitating private sector development in host countries,

and contributing towards institutional building in the region.

REFERENCES

1. Giri, Pratibha, Karinje, P., & Verma, Reeva. (2015, January). A Study And Analysis Of Challenges, Achievements And

Hurdles Faced By SAARC Nations In Trade Integration And Growth. International Journal of Engineering

Technology, Management and Applied Sciences, 3(1). ISSN 2349-4476. Retrieved from www.ijetmas.com

2. Hanink, Dean M., & J., Henry Owusu. (1998, October). Has ECOWAS Promoted Trade among Its Members?. Journal

of African Economies, 7(3), 363-383.

3. Jebuni, Charles. (1997). Trade Liberalization and Regional Integration in Africa. In Paul Collier, Ibrahim Elbadawi and

Ademola Oyejide, (Eds.), Regional Integration and Trade Liberalization in Sub-Saharan Africa. Framework, Issues and

Methodological Perspectives , Volume 1, pp. 353-69. New York: St. Martin's Press; London: Macmillan Press.

4. Verma, Reeva, & Karinje, Prithvi. (2014, February). A critical analysis of Growth and performance of Inter-Sectoral

Service sector in India. IRACST – International Journal of Commerce, Business and Management (IJCBM), 3(1).

ISSN: 2319–2828.

5. Verma, Reeva, & Karinje, Prithvi. (2014). Export- Import Bank: Big Push to Indian Exports after Liberalization (A

Study on Emergent Global Share of Indian Textile Industry). Global Journal of Finance and Management, 6(7), 685-

690 © Research India Publications. Retrieved from http://www.ripublication.com. ISSN 0975-6477.

6. Verma, Reeva, & Jain, A. K. (2014, July-September). Impact Of Export Import Bank (Exim) On Building A Climate

For Investment &Growth In India: A Study On Emergent Global Share Of Indian Agricultural Industry. Volume 3,

Number 3, ISSN (Print):2319-9059, (Online):2319-9067

7. Verma, Reeva. (2014, January – March). Impact of Export Import Bank on Building A Climate For Investment &

Growth In India: A Study on Escalating India’s Trade And Investment Potential With ASEAN Countries. Volume 3,

Number 1. ISSN (P):2319-9059, (O):2319-9067.

8. Soderbaum, F. (1996). Handbook of Regional Organizations in Africa. Uppsala: Nordiska Afrikainstitutet.

9. Exim bank of India, Working Papers. Enhancing India’s Trade relations with ECOWAS: A Brief Analysis (Paper No

38).

10. Retrieved from http://www.ecowas.int/about-ecowas/governance-structure/

11. Retrieved from http://www.icwa.in/pdfs/icrfourthiaac.pdf

12. Retrieved from

http://www.spu.ecowas.int/wp-content/uploads/2010/03/ECOWAS-VISION-2020-THEMATICTIC-PAMPHLETS-in-

English.pdf

http://www.ripublication.com/

http://www.ecowas.int/about-ecowas/governance-structure/

http://www.icwa.in/pdfs/icrfourthiaac.pdf

http://www.spu.ecowas.int/wp-content/uploads/2010/03/ECOWAS-VISION-2020-THEMATICTIC-PAMPHLETS-in-English.pdf

http://www.spu.ecowas.int/wp-content/uploads/2010/03/ECOWAS-VISION-2020-THEMATICTIC-PAMPHLETS-in-English.pdf





13. Retrieved from http://www.eximbankindia.in/node/1348

14. Retrieved from http://www.eximbankindia.in/sites/default/files/Research%20Brief/RB158_0.pdf

15. Retrieved from http://www.ijetmas.com/admin/resources/project/paper/f201502021422890114.pdf

16. Retrieved from http://www.issafrica.org/AF/RegOrg/unity_to_union/comesaprof.htm

17. Retrieved from http://ripublication.com/gjfm-spl/gjfmv6n7_11.pdf

18. Retrieved from http://www.indiainbusiness.nic.in/trade/loc.htm

19. Retrieved from

http://articles.economictimes.indiatimes.com/2015-07-07/news/64177844_1_ecowas-infrastructure-projec...

20. Retrieved from http://www.eximbankindia.in/sites/default/files/ANR2005-2.pdf

21. Retrieved from http://www.socialprotection.org/institutions/economic-community-western-african-states-ecowas

22. Retrieved from http://partnerswestafrica.org/index.php/whoweare/our-partners

23. Retrieved from http://jobsjobscareers.com/economic-community-of-west-african-states-ecowas-recruiting-massively/

24. Retrieved from http://www.miamidade.gov/ITC/library/africa_region_markets.pdf

25. Retrieved from

http://about.comesa.int/index.php?view=article&catid=42%3Ageneral&id=95%3Ahistory-of-comesa&...

*****

http://www.eximbankindia.in/node/1348

http://www.eximbankindia.in/sites/default/files/Research%20Brief/RB158_0.pdf

http://www.ijetmas.com/admin/resources/project/paper/f201502021422890114.pdf

http://www.issafrica.org/AF/RegOrg/unity_to_union/comesaprof.htm

http://ripublication.com/gjfm-spl/gjfmv6n7_11.pdf

http://www.indiainbusiness.nic.in/trade/loc.htm

http://articles.economictimes.indiatimes.com/2015-07-07/news/64177844_1_ecowas-infrastructure-projec

http://www.eximbankindia.in/sites/default/files/ANR2005-2.pdf

http://www.socialprotection.org/institutions/economic-community-western-african-states-ecowas

http://partnerswestafrica.org/index.php/whoweare/our-partners

http://jobsjobscareers.com/economic-community-of-west-african-states-ecowas-recruiting-massively/

http://www.miamidade.gov/ITC/library/africa_region_markets.pdf

http://about.comesa.int/index.php?view=article&catid=42%3Ageneral&id=95%3Ahistory-of-comesa&

Documents

EXIM BANK: AGGRANDIZING BILATERAL TRADE ...pezzottaitejournals.net/pezzottaite/images/ISSUES/V4N3/...Exim Bank has two representative offices in Africa, which are located in Addis