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Monday, 19 March 2012

Another stinging rebuke of the EPAs

The former governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has made nothing but stinging statements regarding the Economic Partnership Agreements (EPAs). He says EPAs which are being negotiated with African countries, including Nigeria, on sub-regional basis by the EU will lead to further underdevelopment of the continent despite the “juicy” and supposed promises. 
In an article published in THISDAY this week, he warns of the inherent dangers which might not be obvious to many ACP countries, especially “as their advisers and negotiators are Europeans”."Put simply, in order to continue to have access to European markets (on the terms that it had enjoyed for more than three decades) Africa is now required to eliminate tariffs on at least 80 per cent of imports from the EU; in some cases, abolish all export duties and taxes, in others, countries can retain existing export taxes but not increase them or introduce new taxes; eliminate all quantitative restrictions; and meet all kinds of other intrusive and destructive conditionalities that literally tie the hands of African governments to deploy the same kinds of instruments that all countries that have industrialised applied to build competitive national economies, “ he concludes.

Source: All Africa