These Operational Guidelines for the Harmonization of National Investment Laws are intended to (i) support the implementation of the ECOWAS Common Investment Market (ECIM) by providing an operational framework for aligning the national investment laws of ECOWAS Member States with a common regional investment regime; (ii) clarify and facilitate the implementation of the relevant ECOWAS Supplementary Acts on investment, enabling national authorities, legal practitioners, investors, and other stakeholders to better understand and fulfil their respective rights, obligations, and responsibilities under the ECIM framework; (iii) facilitate the progressive convergence of national investment laws towards a future Community Investment Code (CIC), thereby contributing to the establishment of a single and integrated investment space within ECOWAS. This regional investment regime is intended to promote the free movement of capital, goods, services, and labour; increase intra- and extra-regional investment; enhance transparency and legal certainty; and strengthen regional economic integration; (iv) amplify the provisions of the Supplementary Acts on investment rules as the operational framework for the ECIM, to make these provisions understandable and applicable for ECOWAS citizens and investors, and to clarify the rights, privileges and obligations of the parties concerned. The Guidelines are grounded in the fundamental principles and objectives underlying the establishment of ECOWAS, including the commitment of Member States to promoting sustainable economic development through the expansion of trade and investment opportunities and by enhancing the competitiveness of Community enterprises in global markets, while ensuring due regard for environmental protection. In this context, the Guidelines aim to remove barriers to trade and investment, promote fair and effective competition, expand investment opportunities, establish effective mechanisms for the implementation and application of regional investment rules, provide appropriate procedures for the prevention and resolution of disputes, and strengthen cooperation at both regional and multilateral levels. The Guidelines establish a phased implementation pathway. The process begins with the national adoption and operationalization of the ECOWAS Supplementary Acts on Investment, followed by the review and harmonization of national investment laws with regional standards, the Investment Policy Framework, and the future Community Investment Code. Member States are also expected to establish or strengthen national coordination mechanisms to oversee implementation and coordinate with ECOWAS institutions. The framework is to be implemented through three complementary programmes covering cooperation and facilitation, investment promotion and awareness, and progressive liberalization, including the removal of restrictive measures, opening of sectors to ECOWAS investors, and promotion of the movement of capital, skilled labour, professionals, and technology. Each Member State is required to develop national Action Plans for implementing these programmes. The Guidelines require Member States to grant ECOWAS investors national and most-favoured-nation treatment, progressively remove investment restrictions, enhance regulatory transparency, and notify significant legal changes.
2010-01-01