ECOWAS/EU Free Trade Deal is Dangerous.
President Muhammadu Buhari says Nigeria is yet to endorse the ECOWAS-European Union Free Trade deal because some of the terms can restrict manufacturers’ trading activities.
Speaking at the weekend after the 49th Ordinary Session of the Economic Community of West African States held in Dakar, Senegal, Buhari said Nigeria would not want such a thing to happen.
Buhari, who was represented by Vice President Yemi Osinbajo, said Nigeria would continue consultations within the country regarding her stance on the deal known as the Economic Partnership Agreement (EPA) between ECOWAS and the European Union.
The EPA is a free trade deal initiated by the European Union and the ECOWAS negotiators covering trade in goods and development cooperation.
“There are ongoing negotiations on it. We are discussing it with the Manufacturing Association of Nigeria (MAN) and some other key economic players. We understand some of the terms of this agreement are capable of restricting the manufacturers’ trading activities and we would not want this to happen. It is equally important that as we make the decision, we take into consideration the concerns of these critical stakeholders and tread cautiously,” he said.
Buhari emphasised that Nigeria was yet to fully endorse the agreement because of those concerns, saying his administration would continue its wide consultations with relevant stakeholders before reaching a conclusion on it.
At the end of the summit, Liberian President, Ellen Sirleaf Johnson, was chosen as the chairperson of the ECOWAS Authority of Heads of State and Governments, taking over from her Senegalese counterpart, Mr. Macky Sall. Source: Dailytrust.com.ng
Opinion: Becareful with EU free trade deal, else you will kill your economy and that of other ECOWAS countries. They are looking for markets and dumping grounds for their finished goods and services. Sure they can’t do this with China.
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