According to a final communiqué, the one-day summit agreed to set up a Common External Tariff (CET) from January 2015 and drafted a timeframe to launch a single currency.
"ECOWAS needs to consolidate its economic tissue and offer an incentive environment for private sector through the implementation of a Common External Tariff," president of ECOWAS Commission Kadre Desire Ouedraogo said.
The summit also deliberated on the Community Integration Levy (CIL) and the Economic Partnership Agreement (EPA) between West Africa and the European Union, according to a statement.
Senegalese President Macky Sall urged ECOWAS member-states to exert efforts to maintain peace in the bloc and build a common market.
"We must liberalize our exchanges so as to mobilize necessary resources to finance our projects and set up a common market for West Africa," he said.
Reviewing the security and political situation in West Africa, the summit praised positive developments in Mali as the liberation of its northern territories and the good organization of the presidential election.
On the situation in Guinea Bissau, ECOWAS leaders called on transitional authorities and political stakeholders to well prepare the general elections, scheduled for the end of this year.
The summit also thanked countries that have agreed to provide a financial contribution for the electoral process.
Established in 1975, ECOWAS aims to promote West African integration in all fields of activity, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, and social and cultural issues.
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