West African Economic and Monetary Union (UEMOA)
Members of the West African Economic and Monetary Union (also known by its French acronym, UEMOA) are Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. UEMOA member countries are working toward greater regional integration with unified external tariffs.
UEMOA has established a common accounting system, periodic reviews of member countries' macroeconomic policies based on convergence criteria, a regional stock exchange, and the legal and regulatory framework for a regional banking system.
Six of the eight UEMOA member countries are eligible for trade benefits under African Growth and Opportunity Act (AGOA), and four of these countries - Benin, Burkina Faso, Mali, and Senegal - are also eligible to receive AGOA's textile and apparel benefits.
In November 2008, the United States and UEMOA held the third Trade and Investment Framework Agreement (TIFA) Council meeting, where parties discussed cooperation in the WTO, AGOA implementation, regional integration, commercial issues, trade capacity building, and technical assistance.
U.S.-UEMOA Trade Facts
The United States has a $1.9 billion in total (two-way) goods trade with UMEOA in 2009. Exports totaled $1.0 billion; Imports totaled $871 million; The U.S. goods trade surplus with UMEOA was $157 million in 2009.
U.S. goods exports to UMEOA countries in 2009 were $1.0 billion, down 29.7% ($434 million) from 2008.
UEMOA countries combined would have been the United States= 74th largest goods export market in 2009.
The U.S. export markets in UMEOA for 2009 were: Benin ($398 million), Cote d’ Ivoire ($206 million), Senegal ($176 million), Togo ($125 million), Niger ($58 million), Mali ($37 million), Burkina Faso ($26 million), and Guinea Bissau ($2 million).
The top export categories (2-digit HS) in 2009 were: Vehicles ($374 million), Mineral Fuel (oil) ($216 million), Machinery ($95 million), Plastic ($44 million), and Cereals (rice) ($38 million).
U.S. exports of agricultural products to UMEOA countries totaled $81 million in 2009. Leading categories were: rice ($38 million) and vegetable oil (excluding soybean oil) ($13 million).
U.S. goods imports from UMEOA countries totaled $871 million in 2009 down 27.5% ($331 million) from 2008.
UMEOA countries combined would have been the United States= 75th largest goods import supplier in 2009.
The U.S. import suppliers from UMEOA for 2009 were: Cote d’ Ivoire ($745 million), Niger ($106 million), Senegal ($7 million ), Togo ($7 million), Mali ($4 million), Burkina Faso ($2 million), Benin ($441 thousand), and Guinea Bissau ($43 thousand).
The five largest import categories in 2009 were: Cocoa ($641 million), Mineral Fuel (oil) ($168 million), Rubber ($22 million), Wood ($10 million), and Special Other (returns) ($9 million).
U.S. imports of agricultural products from UMEOA countries totaled $670 million in 2009. Leading category was: cocoa beans ($505 million).
Balance of Merchandise Trade
The U.S. goods trade surplus with UMEOA was $157 million in 2009, a 39.6% decrease ($103 million) over 2008.