Definition of new economic partnership for economic development

A New Economic Partnership for Economic Development (NEP-ED) is a collaborative agreement between two or more countries, organizations, or entities aimed at promoting economic growth, development, and cooperation. The partnership focuses on creating a mutually beneficial framework for trade, investment, and economic cooperation, with the goal of achieving sustainable economic development and improving the standard of living for all parties involved.

The key elements of a NEP-ED may include:

  1. Trade and Investment: Facilitating trade and investment between partner countries, including the removal of trade barriers, tariffs, and other obstacles to commerce.
  2. Economic Cooperation: Encouraging cooperation in areas such as infrastructure development, energy, transportation, and technology to promote economic growth and competitiveness.
  3. Capacity Building: Providing training, technical assistance, and capacity-building programs to enhance the economic capabilities of partner countries.
  4. Innovation and Entrepreneurship: Fostering innovation and entrepreneurship through the promotion of research and development, innovation hubs, and startup ecosystems.
  5. Sustainable Development: Integrating sustainable development principles and practices into the partnership, including environmental protection, social responsibility, and human rights.
  6. Governance and Institutional Framework: Establishing a robust institutional framework and governance structure to ensure the effective implementation and monitoring of the partnership.
  7. Monitoring and Evaluation: Regularly monitoring and evaluating the progress of the partnership to identify areas for improvement and ensure accountability.

The benefits of a NEP-ED include:

  1. Increased Trade and Investment: Enhanced trade and investment flows between partner countries, leading to economic growth and job creation.
  2. Improved Economic Competitiveness: Strengthened economic competitiveness through cooperation in areas such as innovation, technology, and infrastructure development.
  3. Enhanced Economic Integration: Increased economic integration and cooperation, leading to a more stable and prosperous economic environment.
  4. Sustainable Development: Integration of sustainable development principles and practices, ensuring that economic growth is environmentally and socially responsible.
  5. Improved Governance: Strengthened institutional framework and governance structure, ensuring transparency, accountability, and effective implementation of the partnership.

Examples of NEP-EDs include:

  1. The African Growth and Opportunity Act (AGOA) between the United States and African countries.
  2. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between 11 Pacific Rim countries.
  3. The European Union's Economic Partnership Agreements (EPAs) with African, Caribbean, and Pacific (ACP) countries.
  4. The China-Africa Cooperation Forum (FOCAC) between China and African countries.

Overall, a NEP-ED is a powerful tool for promoting economic development, cooperation, and integration between countries, organizations, or entities, with the goal of achieving sustainable economic growth and improving the standard of living for all parties involved.