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'EPA Vital for Nigeria's Economic Diversification, Regional Integration'

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Tuesday, 29 August 2017

'EPA Vital for Nigeria's Economic Diversification, Regional Integration'

‎The European Union (EU) and ECOWAS Commission have urged the managers of the Nigerian economy to sign the Economic Partnership Agreement (EPA) to fast-track its quest for economic diversification and regional integration. ‎The Head of Trade and Economic Section, EU Delegation to Nigeria and ECOWAS, Filippo Amato, gave the charge during ‎the Lagos Chamber of Commerce and Industry, LCCI, Stakeholders forum on EU-ECOWAS Economic Partnership Agreement in Lagos recently. According to him, signing the EPA would accelerate Nigeria's industrial development, discard EU tariffs on Nigerian exports; protect domestic industries, agricultural and consumer products. ‎"All the goods that Nigeria can produce are excluded from the list to protect your industries and the goods to be imported are capital goods, machinery and inputs that are useful for the industrial sector. All West African exports will gradually reduce duties on 75 per cent of EU imports over a long transition period of 20 years," he said. ‎He stressed that manufacturers would also benefit from lower input prices under the agreement, adding that EPA would enhance cooperation on issues such as standards, trading, agriculture, investment and custom cooperation. Also speaking at the event, the ECOWAS Commissioner, Trade, Customs and Free Movement, LaoualiChaibou, said the overall objective of the stakeholders forum was to sensitise key stakeholders on the content of the EPA, in order to better understand and disseminate factual information.

Source: All Africa