The aims of this study is to analyze the relationship between trade and inclusive growth in WAEMU countries. To do this, an inclusive growth indicator is constructed using Multiple Factor Analysis (AFM) methods, to apprehend inclusive growth. Trade is apprehended by the degree of openness. The relationship between trade and inclusive growth was estimated using a VAR model on panel data. Then to consider the composition of the exchanges, a dynamic panel model was estimated.

The results of the econometric analysis show that the inclusive growth of a year depends positively on the delayed value of the degree of openness and the share of imports from the WAEMU. On the other hand, inclusive growth does not have a significant impact on the degree of openness. A more in-depth analysis of the components of exports and imports revealed a significant and positive effect of the delayed export value of manufactured goods on inclusive growth. The stand-off between the two analyzes shows on the one hand that it is beneficial for the countries of the Union to open up to international trade, but this openness must be much more focused on the export of manufactured goods.