NOTN, stakeholders to unveil template for free trade agreements
By Joy Obakeye
The Minister of Industry Trade and Investment, Adeniyi Adebayo, has said the Nigerian Office for Trade Negotiations (NOTN), in partnership with trade stakeholders, have concluded work on the Nigerian templates for Free Trade Agreements (FTAs) and Mutual Recognition Agreements (MRAs) for standards and professional qualifications.
The minister stated this at the third trade negotiations skills simulation course organised by the NOTN, in collaboration with the Overseas Development Institute (ODI) and the United Kingdom Commonwealth and Development Office in Abuja, stating that the Ministry would very shortly, be presenting these drafts templates to the Federal Executive Council (FEC) for consideration and approval.
The minister also noted that the Ministry of Justice has cleared the Bill for the establishment of the institutional and regulatory framework for the conduct of import-injury investigations with the determination and implementation of trade remedies in Nigeria.
“This long overdue legislation will enable the country to take full advantage of its rights and obligations under the World Trade Organisation (WTO) Agreements to protect its domestic industries from any unforeseen sudden surge in imports of foreign goods and, or unfair practices, such as dumping and subsidies, by unscrupulous trading partners. I will also be presenting this Bill to the FEC very soon,” the minister said.
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Adeniyi said in line with the Trade Policy Action Plan 2022 – 2026, the exercise to address the identified lapses in the existing Bankruptcy Act Chapter 30, Laws of the Federation of Nigeria (LFN) 1990 will commence with a National Conference on Bankruptcy and Debt Collection at the beginning of May 2023.
The objective he said is to develop an institutional and regulatory framework to regulate business behaviour and ensure that only viable concerns continue to operate.
