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Trade Agreements Nigeria

April 13, 2021 / lanphear / Uncategorized

They are available in all forms and with different rules, but in short, they make trade between countries as liberal as possible and allow for more rules-based competition. Since then, according to the Nigerian Trade Negotiations Bureau, the Nigerian Trade Negotiations Office has consulted with 27 groups, including trade unions. The Continental Free Trade Area (AfCFTA) [9] is a free trade area with 28 countries from 2018. [1] [10] [11] [12] It was created by the African Free Trade Agreement between 54 of the 55 african union nations. [13] The free trade area is the largest in the world, in terms of the number of participating countries since the creation of the World Trade Organization. [14] Accra, Ghana, is the secretariat of AFCFTA and was commissioned by Ghanaian President Nana Addo Dankwa Akuffo Addo on 18 August 2020 in Accra and handed over to the AU. Nigeria has ratified the free trade agreement, which will enter into force on 1 January 2021. This is an important step for the ambitions of the African Continental Free Trade Area (AfCFTA), as Nigeria is considered not only one of the continent`s largest economies, but also the most populous country. Free trade agreements aim to reduce tariffs between Member States. At the Kigali Summit, areas of agreement were reached on trade protocols, dispute settlement procedures, customs cooperation, trade facilitation and rules of origin. This was part of Phase I of the agreement, which deals with the liberalisation of goods and services. There was also a consensus on reducing tariffs to 90% of all goods.

Each nation can exclude 3% of the goods from this agreement. [25] Eritrea was not part of the original agreement because of the continuing state of war, but the 2018 peace agreement between Ethiopia and Eritrea ended the conflict and ended the barrier to Eritrea`s participation in the free trade agreement. [10] [30] [45] [46] [47] The unrecognized state of Somaliland was not involved in discussions on the creation of the agreement. The African superpower, Nigeria, has signed an agreement to strengthen trade between African countries. Several committees have been established for trade in goods, trade in services, rules of origin, trade policy measures, non-tariff barriers, technical barriers to trade, and health and plant health measures. [39] Dispute resolution rules and procedures are still being negotiated, but should also include the appointment of a dispute resolution authority. [35] The Committee of Senior Trade Officials implements the Council`s decisions. The Committee is responsible for the development of programmes and action plans for the implementation of the AfCFTA agreement. [39] The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system.

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