Free Trade Agreements Of Nigeria

The AU says the African Continental Free Trade Area, called AfCFTA, will create the world`s largest free trade area. A cabinet meeting on Wednesday approved the president`s decision to join the African Continental Free Trade Area (AfCFTA) after signing agreements last year, Information Minister Lai Mohammed said. Given that the Nigerian government continued to consult with local business groups in the second half of 2018, one of the main concerns was whether the agreement adequately prevented anti-competitive practices such as dumping. [59] At the close of 2018, former President Olusegun Obasanjo said the delay was “regrettable” and stressed the lack of trade in goods between African countries, the difficulties in getting from one African country to another, and the colonial legacy of these restrictions on Africa`s growth. [60] The government steering committee responsible for the consultation process is expected to release its report on the agreement in January 2019. [61] After the Kigali Summit, further signatures were affixed to the AfCFTA. At the African Union summit in Nouakchott on 1 July 2018, five other nations, including South Africa, joined the agreement. Kenya and Ghana were the first nations to ratify the agreement and file their ratifications on 10 May 2018. [2] Of the signatories, 22 had to ratify the agreement in order for it to enter into force, and it happened on 29 April 2019, when Sierra Leone and the Arab Democratic Republic of the Sahara ratified the agreement. [7] As a result, the agreement came into force 30 days later on 30 May 2019; At that time, only Benin, Nigeria and Eritrea had not signed. Outstanding issues, such as trade agreements and rules of origin, are still being negotiated. [when?] The world`s largest free trade area since the World Trade Organization has come closer to reality.

It is expected to come into force gradually, the first being the establishment of a protocol for trade in goods and services and dispute resolution rules. The second will be competition, investment and intellectual property rights. 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. Once implemented, the Continental Free Trade Area will bring together 1.3 billion people in a $3.4 trillion economic partnership and create an internal market for goods and services and passenger transport to increase intra-African trade. Since then, according to the Nigerian Trade Negotiations Bureau, the Nigerian Trade Negotiations Office has consulted with 27 groups, including trade unions. Nigeria is Africa`s largest economy and, for a long time, a regional leader, so observers, as they became bogged down, wondered whether the African trading bloc would ever take place. Most AU member states have signed the agreement. Benin, Botswana, Eritrea, Guinea-Bissau, Nigeria and Zambia did not sign the agreement. [63] Nigerian President Muhammadu Buhari was particularly reluctant to join if it against Nigerian entrepreneurship and Nigerian industry. [64] On 7 July 2019, Nigeria and Benin pledged to sign free trade with Africa at the 12th Special Session of the Association`s Assembly on ACFTA; Eritrea is the only country among the 55 member states of the African Union that has not signed the agreement.

[65] [66] [41] Several committees have been established for trade in goods, trade in services, rules of origin, remedial 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.