Vietnam engages in trade policy review on Nigeria
VOV.VN - Minister-Counsellor Le Dinh Ba, deputy permanent representative of Vietnam to the UN in Geneva, joined the sixth Trade Policy Review (TPR) session of Nigeria held at the headquarters of the World Trade Organisation (WTO) in Geneva, Switzerland.
The Nigerian delegation was led by Ambassador Nura Abba Rimi, permanent secretary of the Federal Ministry of Industry, Trade, and Investment.
In his address, Minister-Counseller Ba hailed Nigeria’s role as one of the largest economies in Africa, with a nominal GDP surpassing US$360 billion last year. He applauded the West African nation’s development in sectors such as finance, telecommunications, and information technology.
Vietnam also praised the active Nigerian participation and constructive role in the WTO, including its ratification of the WTO Agreement on Fisheries Subsidies, the adoption of the Protocol amending the TRIPS Agreement, its involvement in Joint Statement Initiatives (JSIs) on e-commerce, investment facilitation for development, MSMEs, and domestic services trade regulation, as well as its leadership of the African Group in agricultural negotiations at the WTO.
Recent years has seen the trade in goods and services increasingly contribute to Nigeria’s GDP, with manufacturing's share in the GDP surging to 15.7% in 2023. The West African nation has also been pursuing a growth and development plan, introducing new trade and investment policies specifically aimed at diversifying its economy.
They are therefore making every effort to step up regional integration as a key member of the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA).
During the TPR session, several WTO members showed a keen interest in Nigeria’s experience in establishing the National Action Committee in a bid to accelerate the ratification of the AfCFTA.
It has therefore been suggested that Nigeria join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) and the Government Procurement Agreement, as well as include domestic service commitments in its WTO schedule of commitments.
Furthermore, others have noted that Nigeria’s transparency and predictability in the business and investment environment can benefit from further reforms, calling for Nigeria to deal with its notification obligations which have resulted in a high rate of physical inspections of containers. They therefore urged them to reconsider its customs procedures to promote more timely and cost-effective practices.
Regarding tariffs, The West African country has bound only 19.7% of its tariff lines, with the average bound tariff rate standing at 120%. The average applied tariff rate was 12.8% in 2023, with participants encouraging the Nigerians to enhance its predictability and governance, whilst also considering reducing its ceiling tariff rates.
