An economic grouping is the coming together of different countries with common economic interests and goals to promote economic cooperation and development among member states.
(i) To promote co-operation and development in all fields of economic activity
(ii) To raise the standard of living of the people
(iii) To increase and maintain economic stability in the sub-region
(iv) To have regional economic co-operation
(i) The Executive Secretariat:
It is responsible for coordination of the work of the Department of State internally, serving as the liaison between the department’s bureaus and the offices of the Secretary, deputy secretaries, and under secretaries.
(ii) The Tribunal of the Community:
Tribunal is responsible for interpreting ECOWAS treaties. The ECOWAS Tribunal is the judicial organ of the community, It ensures that law and justice prevail in the interpretation and implementation of ECOWAS treaty.
Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.
(i) Current account: This account scans all the incoming and outgoing of goods and services between countries. All the payments made for raw materials and constructed goods are covered under this account. Few other deliveries that are included in this category are from tourism, engineering, stocks, business services, transportation, and royalties from licenses and copyrights. All these combine together to make a BOP of a country.
(ii) Capital account: Capital transactions like purchase and sale of assets (non-financial) like lands and properties are monitored under this account. This account also records the flow of taxes, acquisition, and sale of fixed assets by immigrants moving into the different country. The shortage or excess in the current account is governed by the finance from the capital account and vice versa.
(i) To protect nascent industries
(ii) To fortify national defense programs
(iii) To support domestic employment opportunities
(iv) To combat aggressive trade policies
(v) To protect the environment
Communication is the transmission of messages or information from one source to another.
(i) It enhances contact with suppliers of goods and services
(ii) For advertisements-Businesses need to inform the public about the availability of their products
(iii) Communication is needed for payment of business transactions
(iv) Communication aids effective business management by providing the necessary information for sound decisions and also keeping staff and management well in-formed.