$ICL{E}_{c,t}=1-TD{M}_{c,t}$ | TDM_{c,t} is the average customs tariff that the country applies to the rest of the region. ICLE_{c}_{,t} measures the country’s openness to intra-regional trade and is the arithmetic average of the intra-zone tariffs of the member countries to capture the liberalisation of trade within the WAEMU. |

$ICU{D}_{c,t}=\frac{\mathrm{min}\left(T{M}_{c,t};TM{R}_{t}\right)}{\mathrm{max}\left(T{M}_{c,t};TM{R}_{t}\right)}$ | TM_{c,t} is the country’s average fare c at date t, and TMR_{t} is the regional average fare for all countries in the zone. ICUD is the simple arithmetic average of tariffs applied to member countries of the World Trade Organization. |

$ICU{E}_{c,t}=\frac{\mathrm{min}\left(\frac{P{S}_{c,t}}{P{S}_{c,t-1}};VM{P}_{i,t}\right)}{\mathrm{max}\left(\frac{P{S}_{c,t}}{P{S}_{c,t-1}};VM{P}_{i,t}\right)}$ | PS_{c,t} and PS_{c,t−}_{1} are the sectorial productions of country c, respectively, for periods t and t − 1. VMP_{i,t} is the average variation of production in the sector considered for region i at date t. |

$ICPT{I}_{c,t}=\frac{\mathrm{min}\left(TIM{R}_{i,t};TI{M}_{c,t}\right)}{\mathrm{max}\left(TIM{R}_{i,t};TI{M}_{c,t}\right)}$ $ICH{B}_{c,t}=\frac{\mathrm{min}\left(PD{P}_{c,t};VMPD{P}_{i,t}\right)}{\mathrm{max}\left(PD{P}_{c,t};VMPD{P}_{i,t}\right)}$ $ICP{I}_{c,t}=\frac{\mathrm{min}\left(VIPC{M}_{i,t};\frac{IP{C}_{c,t}}{IP{C}_{c,t-1}}\right)}{\mathrm{max}\left(VIPC{M}_{i,t};\frac{IP{C}_{c,t}}{IP{C}_{c,t-1}}\right)}$ | The ICUET is an aggregation of three indices and is built in three stages: 1) TIMR_{i}_{,t} is the regional average interest rate at date t, TIM_{c,t} t is the average interest rate of the country c at date t, and ICPTI is the Index of Contribution at the proximity of the interest rate; 2) ICHB is the Budget Harmonisation Contribution Index, PDP_{c,t} is the share of public expenditure in the country’s GDP c at date t, and VMPDP_{i,t} is the average value of the share of public expenditure in the GDP of region i at date t; and 3) ICPI is the Inflation Proximity Index, where IPC_{c}_{,t} and IPC_{c}_{,t−}_{1} are the country’s Consumer Price Index c at dates t and t − 1, respectively, and VIPCM_{i,t} is the average change in the Consumer Price Index in region I on date t. The last step in the construction of the ICUET is to aggregate the three previously constructed indicators through a simple arithmetic average. |