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).