Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc
This study examined the Effects of Economic Partnership Agreements between ECOWAS and the EU on Trade, Revenue and Welfare of Agricultural trade of ECOWAS bloc. The specific objectives of the study were to:(i) estimate the potential trade creation and diversion effects of EPA on agricultural trade o...
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| Format: | Article |
| Language: | English |
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Hasan Eleroğlu
2022-04-01
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| Series: | Turkish Journal of Agriculture: Food Science and Technology |
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| Online Access: | http://www.agrifoodscience.com/index.php/TURJAF/article/view/4720 |
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| author | Collins Sunday Nwali Oguntade Adegboyega Eyitayo Mafimisebi Taiwo Ejiola Obisesan Adekemi Adebisola |
| author_facet | Collins Sunday Nwali Oguntade Adegboyega Eyitayo Mafimisebi Taiwo Ejiola Obisesan Adekemi Adebisola |
| author_sort | Collins Sunday Nwali |
| collection | DOAJ |
| description | This study examined the Effects of Economic Partnership Agreements between ECOWAS and the EU on Trade, Revenue and Welfare of Agricultural trade of ECOWAS bloc. The specific objectives of the study were to:(i) estimate the potential trade creation and diversion effects of EPA on agricultural trade of ECOWAS bloc, (ii) estimate the potential revenue effects of EPA on agricultural trade of ECOWAS bloc and (iii) estimate the potential welfare effects of EPA on agricultural trade of ECOWAS bloc. World Integrated Trade Solutions provided access to an online secondary data as classified by United Nations Harmonized system. The result on the potential trade creation and diversion effects of EPA on both trading blocs showed that ECOWAS will gain US$198.9million in trade creation and lose US$58.4 million in Trade Diversion. On the other hand, there will be no trade creation for EU with negligible trade diversion of – US$0.2million. The result showed total potential tariff revenue losses of US$366.4million for ECOWAS bloc post EPA. On the other hand, EU will lose (US$951.8million) its agricultural products post EPA. The result further showed potential welfare gain of US$27.6million for consumers of ECOWAS bloc. On the other hand, there will be welfare gain of the EU at US$243.5million for their consumers post EPA. Among all the recommendations, the study therefore points out that the on-going EPA negotiations between ECOWAS and the EU need not to be hurriedly signed by ECOWAS bloc. Also, ECOWAS needs to strengthen its agricultural production efficiency to be able to compete globally and encourage its individual countries to return to a single digit borrowing interest rate to encourage more investment by local agricultural producers if they want to enjoy the benefits of trade treaties at long run if EPA is eventually signed. |
| format | Article |
| id | doaj-art-0019ab1165d74322941a0d2ebd61aef5 |
| institution | OA Journals |
| issn | 2148-127X |
| language | English |
| publishDate | 2022-04-01 |
| publisher | Hasan Eleroğlu |
| record_format | Article |
| series | Turkish Journal of Agriculture: Food Science and Technology |
| spelling | doaj-art-0019ab1165d74322941a0d2ebd61aef52025-08-20T02:03:15ZengHasan EleroğluTurkish Journal of Agriculture: Food Science and Technology2148-127X2022-04-0110464265610.24925/turjaf.v10i4.642-656.47202444Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas BlocCollins Sunday Nwali0Oguntade Adegboyega Eyitayo1Mafimisebi Taiwo Ejiola2Obisesan Adekemi Adebisola3Department of Agricultural Extension and Management, Federal College of Agriculture Moor Plantation, Ibadan, Oyo stateDepartment of Agricultural and Resource economics, School of Agriculture, Federal University of Technology Akure, Ondo StateDepartment of Agricultural and Resource economics, School of Agriculture, Federal University of Technology Akure, Ondo StateDepartment of Agricultural and Resource economics, School of Agriculture, Federal University of Technology Akure, Ondo StateThis study examined the Effects of Economic Partnership Agreements between ECOWAS and the EU on Trade, Revenue and Welfare of Agricultural trade of ECOWAS bloc. The specific objectives of the study were to:(i) estimate the potential trade creation and diversion effects of EPA on agricultural trade of ECOWAS bloc, (ii) estimate the potential revenue effects of EPA on agricultural trade of ECOWAS bloc and (iii) estimate the potential welfare effects of EPA on agricultural trade of ECOWAS bloc. World Integrated Trade Solutions provided access to an online secondary data as classified by United Nations Harmonized system. The result on the potential trade creation and diversion effects of EPA on both trading blocs showed that ECOWAS will gain US$198.9million in trade creation and lose US$58.4 million in Trade Diversion. On the other hand, there will be no trade creation for EU with negligible trade diversion of – US$0.2million. The result showed total potential tariff revenue losses of US$366.4million for ECOWAS bloc post EPA. On the other hand, EU will lose (US$951.8million) its agricultural products post EPA. The result further showed potential welfare gain of US$27.6million for consumers of ECOWAS bloc. On the other hand, there will be welfare gain of the EU at US$243.5million for their consumers post EPA. Among all the recommendations, the study therefore points out that the on-going EPA negotiations between ECOWAS and the EU need not to be hurriedly signed by ECOWAS bloc. Also, ECOWAS needs to strengthen its agricultural production efficiency to be able to compete globally and encourage its individual countries to return to a single digit borrowing interest rate to encourage more investment by local agricultural producers if they want to enjoy the benefits of trade treaties at long run if EPA is eventually signed.http://www.agrifoodscience.com/index.php/TURJAF/article/view/4720agricultural tradeecowasepaseutrade creationtrade diversionrevenuewelfare |
| spellingShingle | Collins Sunday Nwali Oguntade Adegboyega Eyitayo Mafimisebi Taiwo Ejiola Obisesan Adekemi Adebisola Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc Turkish Journal of Agriculture: Food Science and Technology agricultural trade ecowas epas eu trade creation trade diversion revenue welfare |
| title | Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc |
| title_full | Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc |
| title_fullStr | Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc |
| title_full_unstemmed | Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc |
| title_short | Effects of Economic Partnership Agreements Between Ecowas and the EU on Trade, Revenue and Welfare of Agricultural Trade of Ecowas Bloc |
| title_sort | effects of economic partnership agreements between ecowas and the eu on trade revenue and welfare of agricultural trade of ecowas bloc |
| topic | agricultural trade ecowas epas eu trade creation trade diversion revenue welfare |
| url | http://www.agrifoodscience.com/index.php/TURJAF/article/view/4720 |
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