The negative effects of opening up 75 percent of ECOWAS markets, with its 300 million consumers, to Europe over a 20-year period, are legion and cut across all facets of the economic life of Africa.
The EU is promoting the deal to boost its trade and expand its investment in the country. But, manufacturers are opposed to the deal’s endorsement.
The noise over perceived negative effects of the EPA between the European Union and ECOWAS on the Nigerian economy particularly the manufacturing sector is self-inflicted because Nigeria failed to do what it ought to do during the negotiations
Common External Tariff (CET) has remained an issue of strong discourse and controversy in West Africa for many years, particularly since the inception of the Economic Partnership Agreement negotiations.
Stakeholders have warned the Federal Government against signing the Economic Partnership Agreement (EPA) between Economic Community of West African States (ECOWAS) and European Union (EU), noting that Nigeria risks loosing about $1.3 trillion revenue if it signs the agreement.
An international conference designed to take a critical appraisal of the proposed Economic Partnership Agreement between Economic Community of West African States and the European Union will take place in Abuja between July 28 and 29 2015.
The National Association of Nigerian Traders (Nants), on behalf of civil society groups and private sector organisations in the sub-region, has blasted leaders of the Economic Community for West African States for secretly signing the Economic Partnership Agreement with the EU.
Pakistan is working on a proposal for early initiation of negotiations with Nigeria on Free Trade Agreement (FTA) to boost bilateral trade.
Africa must seek other viable alternatives in its quest for economic development, argue the editors of Business Day in Nigeria.
Nigeria’s House of Representatives has invited the Minister of Industry, Trade and Investment to brief it on details of the EU’s proposed Economic Partnership Agreement and present the worst case scenario should Nigeria refuse to sign it.
The federal government has stated that it declined endorsing the Economic Partnership Agreement (EPA) with the European Union because acting otherwise would have been inimical to the advancement of the varied growth policies currently being implemented by the government.
Countries in the West African sub-region were yesterday reassured of the support of the United States in their quest to establishing a borderless trade environment in the ECOWAS region.
The Nigerian government and other stakeholders of the economy are preparing a stiff resistance against the European Union’s renewed plan to foist a questionable Economic Partnership Agreement on Nigeria, THISDAY has learnt.
If a Free Trade Area were negotiated between Africa’s two largest economies, South Africa and Nigeria, it would have a powerful effect across the sub-continent. However, there are concerns that such an FTA would give one-sided benefits to the South Africans.
The much disparaged European Union’s Economic Partnership Agreement (EPA) got a fresh beating Tuesday in Lagos, as the Manufacturing Association of Nigeria (MAN) told a gathering of Industry stakeholders, including EU’s Ambassador to Nigeria, David Macrae, that the EPA Road Map should be put on hold and that the entire negotiation process be subjected to a complete review.
The European Union has rebuffed claims that the proposed Economic Partnership Agreement with the West African region and Nigeria within the Economic Community of West African States (ECOWAS) is out to undermine the region’s nascent manufacturing sector.
The Economic Partnership Agreement being negotiated with African countries, including Nigeria, on sub-regional basis by the European Union will further underdevelope the continent despite the juicy promises, former governor of the Central Bank of Nigeria, Professor Chukwuma Soludo, has warned.
The 11th Meeting of the joint ECOWAS-UEMOA Committee for the Management of the ECOWAS Common External Tariff (CET) opened in Cotonou, Benin Republic on December 5, to review the draft CET Nomenclature, based on the 2012 version of the Harmonized System and the draft ECOWAS CET prepared by the two regional blocs in Banjul, The Gambia, last April.
The subject of trade barriers has been a recurring issue in the country for years. Thus, a forum that emphasised the need for African countries, West African countries in particular, to trade with each other was organised Thursday by the Lagos Chamber of Commerce and Industry (LCCI).
Union Commerce Minister Anand Sharma today expressed for an early conclusion of Bilateral Investment Promotion and Protection Agreement (BIPPA) with Nigeria.