NIGERIA
has opted out of signing the Economic Partnership Agreement (Epa)
between the African Union (AU) and the European Union (EU) due to be
formally agreed as a special ceremony between the two continents on
October 14.
Under plans to enhance free trade between Africa and Europe,
ministers from both continents had planned to sign an agreement to open
up their markets to each other. This deal was expected to lead to the
establishment of a Common Free Trade Area by 2015, extend the African
Growth and Opportunity Act for 15 more years and serve as Africa’s
strategic response to World Trade Organisation negotiations.
However, Nigeria's trade and industry minister Olusegun Aganga has
revealed that the country will not be putting its name to the treaty.
Speaking at an extra-ordinary session of the Conference of African Union
Ministers of Trade in Addis Ababa, Mr Aganga said the trade
liberalisation deal with the EU will have a long-term negative impact on
the continent’s efforts towards industrialisation and job creation.
Mr Aganga, said that rather than entering into the agreement, African
countries should leverage their abundant natural resources and large
market to develop industries and create jobs for their people. He,
however, used the opportunity to caution against anything that would
undermine Africa’s regional integration.
“Nigeria’s position on Epa is very clear. Africa is on the rise and
it is a very big and strategic market for any trading partner, which is
what the EU wants from us but Africa must jealously protect what it has.
“We should leverage our abundant natural resources and large market
to develop our industries, create jobs for our people, increase
intra-African trade and achieve regional integration. We must not be in a
hurry to give away what we have and we must not sign an agreement
without first of all carrying out a robust economic analysis of the
overall impact the agreement will have on the region, our children and
future generations,” Mr Aganga added.
He stressed that f it is necessary, Africa should look at ways of
compensating member countries that will suffer losses as a result of
this withdrawal. Robert Sichinga, Zambian minister of commerce, trade
and industry, said he agreed with Nigeria’s position, noting that rather
than jeopardising their industrialisation and job creation drive by
hastily signing the Epa, African countries should work towards enhancing
regional integration and intra-African Trade through value-addition of
their abundant raw materials.
- See more at:
http://www.nigerianwatch.com/news/4332-nigeria-opts-out-of-economic-partnership-agreement-trade-deal-with-european-union#sthash.v4Hq7WbZ.PLpLsYDQ.dpufNIGERIA
has opted out of signing the Economic Partnership Agreement (Epa)
between the African Union (AU) and the European Union (EU) due to be
formally agreed as a special ceremony between the two continents on
October 14.
Under plans to enhance free trade between Africa and Europe,
ministers from both continents had planned to sign an agreement to open
up their markets to each other. This deal was expected to lead to the
establishment of a Common Free Trade Area by 2015, extend the African
Growth and Opportunity Act for 15 more years and serve as Africa’s
strategic response to World Trade Organisation negotiations.
However, Nigeria's trade and industry minister Olusegun Aganga has
revealed that the country will not be putting its name to the treaty.
Speaking at an extra-ordinary session of the Conference of African Union
Ministers of Trade in Addis Ababa, Mr Aganga said the trade
liberalisation deal with the EU will have a long-term negative impact on
the continent’s efforts towards industrialisation and job creation.
Mr Aganga, said that rather than entering into the agreement, African
countries should leverage their abundant natural resources and large
market to develop industries and create jobs for their people. He,
however, used the opportunity to caution against anything that would
undermine Africa’s regional integration.
“Nigeria’s position on Epa is very clear. Africa is on the rise and
it is a very big and strategic market for any trading partner, which is
what the EU wants from us but Africa must jealously protect what it has.
“We should leverage our abundant natural resources and large market
to develop our industries, create jobs for our people, increase
intra-African trade and achieve regional integration. We must not be in a
hurry to give away what we have and we must not sign an agreement
without first of all carrying out a robust economic analysis of the
overall impact the agreement will have on the region, our children and
future generations,” Mr Aganga added.
He stressed that f it is necessary, Africa should look at ways of
compensating member countries that will suffer losses as a result of
this withdrawal. Robert Sichinga, Zambian minister of commerce, trade
and industry, said he agreed with Nigeria’s position, noting that rather
than jeopardising their industrialisation and job creation drive by
hastily signing the Epa, African countries should work towards enhancing
regional integration and intra-African Trade through value-addition of
their abundant raw materials.
- See more at:
http://www.nigerianwatch.com/news/4332-nigeria-opts-out-of-economic-partnership-agreement-trade-deal-with-european-union#sthash.v4Hq7WbZ.PLpLsYDQ.dpuf
