This Regional Competition Policy Framework constitutes a comprehensive framework for the formulation of a Community regulatory regime on competition within the ECOWAS region. It seeks, first, to provide an exhaustive clarification of the fundamental elements of competition policy and the form such a policy should take within the context of regional integration and, second, to identify the key components of a common competition regulatory framework - an essential element of competition policy in an integrated market - and establish the modalities for its effective implementation. The objectives of competition law - including the promotion of free and open markets, the protection and preservation of effective competition, the enhancement of economic efficiency, the safeguarding of consumer welfare, and the promotion of transparent and fair regulatory processes - are situated within a broader competition policy framework. This framework is intended to uphold a liberal and competitive economic order that maximizes national comparative advantages, facilitates the free movement of goods and services at competitive prices, promotes innovation, and strengthens productive capacity at both the national and regional levels. Competition policy is grounded in the principle of free and effective competition in markets, while recognizing the importance of secure property rights, increased exposure to international competition, and the removal of barriers to market entry. At the same time, it takes into account the differing levels of economic development among ECOWAS Member States and seeks to address structural imbalances, foster rapid and sustainable economic growth, and contribute to poverty reduction. The Policy, founded on a dual principle of economic efficiency and fairness, therefore seeks not only to ensure that markets operate efficiently and competitively, but also to create a fair and inclusive economic environment in which the benefits of regional integration and market competition can be broadly realized. The implementation of the ECOWAS Regional Competition Policy should proceed in the following 3 key stages (1) ECOWAS should formally adopt the proposed Community Competition Rules, which will establish the substantive competition law for the region and create a Regional Competition Authority responsible for its enforcement. Given the transition from the ECOWAS Executive Secretariat to the Commission, the adoption of these rules represents an important opportunity to integrate competition regulation into the strengthened institutional framework; (2) detailed rules of implementation should be developed to operationalize the Competition Authority, covering matters such as cross-border mergers and acquisitions, sanctions and maximum fines, complaint procedures, and the initiation and conduct of investigations. These rules should be prepared in parallel with the adoption process so that the Authority can become operational as soon as the Community Competition Rules enter into force; (3) ECOWAS should establish and implement a transparent process for selecting and appointing the leadership of the Regional Competition Authority, including clear minimum qualifications and relevant professional experience. The initial leadership should comprise highly qualified individuals with the expertise and practical experience necessary to provide effective institutional, technical, and strategic direction to the Authority.
2007-01-01