As negotiations on the controversial Continental Free Trade Agreement (CFTA) continues at the on-going regional meeting at the African Union (AU) Headquarters, Addis Ababa, Ethiopia, Nigeria has tabled its advocacy for an agreement that reflects national economic priority.
Okechukwu Enelamah, Minister of Industry, Trade and Investment, who is leading the negotiating team, is pushing for a CFTA that will support and promote structural reforms in Nigeria and across the continent rather than undermine it, metrobusinessnews.com learnt.
According to a statement issued by the Ministry, the Nigerian team has urged the 54-member AU block to pay attention to the technical work that is required for the adoption of the CFTA by the AU Summit rather than focus solely on the expected date of adoption, which is December 2017.
Enelamah assured that Nigerian government is providing strong proactive leadership for trade integration in Africa, adding that the country’s engagement in the CFTA negotiations must now be urgently structured and institutionalized.
Enelamah the statement revealed said “trade agreements with binding obligations and economic consequences are not to be taken lightly. Trade liberalization is good but complimentary policies are required. Negotiations must be based on negotiating mandates that reflect national economic priority.”
Given its experience on other agreements, the Nigerian team also pointed out the necessity for negotiators to consult with domestic authorities and stakeholders.
“As a consequence, the Nigerian trade team argued for ‘flexibility’ that allows it to safeguard the economy from a flood of imports, even as it remains an open economy. It also made the argument for a CFTA that is better for the continent.
“Nigeria is reversing weaknesses and failures that we made in previous agreements. Those failures were made due to insufficient consultation with stakeholders and not taking into consideration the vulnerabilities of our domestic market.”
“To ensure a comprehensive and balanced CFTA outcome that takes full account of Nigeria’s economic and policy priorities, Nigeria has to organize better for full engagement and a negotiating mandate,” he explained.
Enelamah according to the statement said “the Ministry will continue to participate effectively in the entirety of the CFTA negotiating structures; engage in domestic consultations with the full range of stakeholders on the CFTA; ensure there is sound preparation of targeted negotiating objectives and positions, on the basis of a mandate, within the legal and policy framework of contemporary economic policy priorities.
“Also an intensive and sustained capacity building for negotiating officials and MDAs involved in the CFTA, on the basis of a well-designed infrastructure for the conduct and management of trade policy and negotiations.
The Minister who moderated a plenary session on the “CFTA and structural Transformation” at the ongoing meeting in Ethiopia is scheduled to participate at a working dinner of KENSA Ministerial meeting tonight– a quadrilateral meeting of Kenya, Egypt, Nigeria and South Africa, established for coordination purposes including the CFTA negotiations.
