🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Junta-led Sahel states rule out return to West African economic bloc

Published 07/06/2024, 02:10 PM
Updated 07/06/2024, 07:01 PM
© Reuters. FILE PHOTO: Burkina Faso's new military leader Ibrahim Traore is escorted by soldiers in Ouagadougou, Burkina Faso October 2, 2022. REUTERS/Vincent Bado/File Photo
AES
-

By Boureima Balima

NIAMEY (Reuters) -Niger, Mali and Burkina Faso, three military-led West African states, signed a confederation treaty on Saturday, underscoring their determination to chart a joint course outside the regional political and economic bloc that has been urging them to return to democratic rule.

The signing took place at the first summit of the Alliance of Sahel States (AES (NYSE:AES)) and signals an ever-closer alignment between the neighbours in the insurgency-torn central Sahel. Juntas seized control in a series of coups in the three states in 2020-2023 and severed military and diplomatic ties with regional allies and Western powers.

Niger's military leader General Abdourahamane Tiani described the AES summit as "the culmination of our determined common will to reclaim our national sovereignty".

Formalising the treaty to establish a confederation confirms the rejection by Niger, Mali and Burkina Faso of the 15-member Economic Community of West African states (ECOWAS). Its signing comes a day before a summit being held by ECOWAS, which had hoped to persuade the three to reconsider their decision in January to quit the bloc.

"Our peoples have irrevocably turned their backs on ECOWAS," Tiani said in a speech. "It is up to us today to make the AES Confederation an alternative to any artificial regional group by building ... a community free from the control of foreign powers."

It is not clear how closely the AES will harmonise political, economic and defence policies as it struggles to contain a decade-old battle with Islamist insurgents and grow economies that are among the world's poorest.

In March, the three states agreed to set up a joint force to tackle security threats across their territories.

In a communique issued after the summit, the countries said they had agreed to coordinate diplomatic actions, create an AES investment bank and stabilisation fund, and pool their resources to set up projects in strategic sectors including mining, energy and agriculture.

The heads of state "welcomed their irrevocable withdrawal without delay from ECOWAS," it said.

ECOWAS has made diplomatic efforts to dissuade the three states from quitting the 50-year-old alliance. The split will reverse decades of regional integration and threatens a messy disentanglement from trade and services flows of nearly $150 billion a year.

The falling-out is linked to the ECOWAS decision to respond to the trio's coups with stringent sanctions and its unrealised threat to use force to restore constitutional rule in Niger last year.

© Reuters. Heads of state of Mali's Assimi Goita, Niger's General Abdourahamane Tiani and  Burkina Faso's Captain Ibrahim Traore pose for photographs during the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/Mahamadou Hamidou

Niger, Mali and Burkina Faso accuse the regional bloc of abandoning its founding ideals and giving too little support against the Islamist insurgencies that have killed thousands of people and displaced over 3 million more.

The policies of the juntas have reshaped international influence in the central Sahel, with the three states fostering closer defence, diplomatic and business ties with Russia at the expense of former colonial power France, regional heavyweight Nigeria, and the United States.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.