Africa’s largest nations are trying to block the signing of the economic partnership agreements with the European Union, Peter Mandelson, EU trade commissioner has claimed.
The European Union Commissioner for Trade, Mr. Peter Mandelson was quoted recently as saying that Nigeria is "sitting like an elephant in the middle of the road."
Nigeria could also lose $680 million annually if the agreements were implemented, according to the Manufacturers Association of Nigeria
India decided on October 16 to extend a line of credit of 250 million USD and 100 million USD worth of agricultural and industrial supplying for the Economic Community of West African States (ECOWAS). It also agreed to sign within the next six months a bilateral investment promotion and protection treaty with Nigeria.
Nigerian captains of commerce and industry have warned that the proposed trade agreements are not in the best interest of the growth of industry in the country.
Manufacturers Association of Nigeria Export Group (MANEG), an arm of the Manufacturers Association of Nigeria (MAN) has listed the impediments to pro-export growth in the Economic Community of West African States (ECOWAS) sub-region.
Manufacturers Association of Nigeria has warned that harmonisation of tariffs under the proposed ECOWAS-EU Economic Partnership Agreement will lead to loss of over 478 million dollars (about N6.2 billion) in revenue from non-oil exports annually, and closure of some industries in the country.
The Federal Government has been called upon to take the lead in driving the Economic Community of West African States-Economic Partnership Agreement (ECOWAS-EPA) negotiations in order to guide the developing region towards effective regional integration and improved trade practices.
EU Trade Commissioner Peter Mandelson admitted that if the EPA negotiation does not finish this year, there are options available which he termed as expensive and not so good.
A number of African governments have made efforts to encourage investment in the continent by entering into bilateral investment treaties and adopting arbitration legislation.
Civil society organisations have called for caution as Nigeria, the Economic Community of West African States(ECOWAS) and other African, Caribbean and Pacific(ACP) countries begin the second phase of negotiations with the European Union on the proposed Economic Partnership Agreement(EPAs).
As Chinese companies prepare to invest in Lekki Trade Free Zone, about 300,000 dwellers of 26 Lagos suburbs, who are primarily farmers and fishermen, are faced with displacement from their fatherland.
Below is an x-ray and analysis of how the EU-ACP EPA is capable of throwing to oblivion the development dimensions and objectives of Nigeria’s National Economic and Development Strategy.
After breaking the ice by launching the preferential trade agreement among Developing Eight (D-8) countries, Indonesian Trade Minister Mari E. Pangestu envisions that the agreement would lead to a free trade arrangement for member countries in less than 15 years.
The relationship between Nigeria and Brazil yesterday took a major leap with the signing of bilateral agreements by Presidents Olusegun Obasanjo and liiz Inacio Da Silva.
D-8 region consisting of eight Muslim countries — Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey — has set the end of 2005 as the target for the finalisation of the last draft of the Preferential Trade Agreement (PTA).
National Association of Nigerian Traders has joined forces in the moved to secure about 5 million stakeholder signatures against the endorsement of the Economic Partnership Agreement (EPA) between European countries and the Africa Caribbean and Pacific (ACP) Countries.
Nigeria Labour Congress (NLC) and the civil society have called for a shift in the commencement date of Economic Partnership Agreement (EPA), from January 2008 to a more appropriate and realistic date. They said this became necessary in view of the apparent unpreparedness of Economic Community of the West African State (ECOWAS), little or lack of public awareness on EPA process and the little involvement of non-state actors.
As the impact of the trade agreement between the disadvantaged African, Caribbean and Pacific (ACP) countries on the one hand, and the advantaged European countries on the other hand, known as Lome 1-4 Agreements between 1975 and 2000, and the new agreement called "Cotonou Agreement" signed on June 23, 2003 between the developing countries of 77 ACP and European Union (EU).