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 $3.1 billion in total (two-way) goods trade with UMEOA in 2013. Exports totaled $2.1 billion; Imports totaled $1.0 billion; The U.S. goods trade surplus with UMEOA was $1.1 billion in 2013.
U.S. goods exports to UMEOA countries in 2013 were $2.1 billion, up 48.0% ($695 million) from 2012.
UEMOA countries combined would have been the United States= 59th largest goods export market in 2013.
The U.S. export markets in UMEOA for 2013 were: Togo ($956 million), Benin ($607 million), Senegal ($230 million), Cote d’ Ivoire ($168 million), Burkina Faso ($77 million), Mali ($50 million), Niger ($46 million), and Guinea Bissau ($6 million).
The top export categories (2-digit HS) in 2013 were: Mineral Fuel (oil) ($906 million), Vehicles ($628 million), Machinery ($135 million), Plastic ($64 million), and Pharmaceutical Products ($35 million).
U.S. exports of agricultural products to UMEOA countries totaled $101 million in 2013. Leading categories were: poultry ($20 million), rice ($12 million), and vegetable oil (excluding soybean oil) ($9 million).
U.S. goods imports from UMEOA countries totaled $1.0 billion in 2013, down 16.9% ($213 million) from 2012.
UMEOA countries combined would have been the United States= 77th largest goods import supplier in 2013.
The U.S. import suppliers from UMEOA for 2013 were: Cote d’ Ivoire ($1.0 billion), Senegal ($17 million), Togo ($8 million), Burkina Faso ($6 million), Mali ($4 million), Guinea Bissau ($3 million), Benin ($3 million), and Niger ($2 million).
The five largest import categories in 2013 were: Cocoa ($797 million), Rubber ($105 million), Mineral Fuel (oil) ($56 million), Edible Fruit and Nuts (cashews) ($26 million), and Wood ($14 million).
U.S. imports of agricultural products from UMEOA countries totaled $933 million in 2013. Leading categories were: cocoa beans ($651 million) and rubber ($105 million).
Balance of Merchandise Trade
The U.S. goods trade surplus with UMEOA was $$1.1 billion in 2013, up 481.7% ($909 million) from 2012.