... as trade volume hits $150bn in 2012
Nigeria and other D-8 countries have agreed to increase the volume of trade among member countries from its current $150bn to $500bn within the next five years.
The Minister of Industry, Trade and Investment, Mr.Olusegun Aganga, disclosed this during the First D8 Ministers Council Meeting on the Preferential Trade Agreement in Abuja, on Tuesday.
He also proposed that the D-8 Trade and Investment Council made up of the private sector and sponsored by the Ministers of Trade be established as soon as possible.
The Developing Eight countries, popularly referred to as D-8, include Nigeria, Malaysia, Indonesia, Turkey, Bangladesh, Iran, Pakistan and Egypt.
To fully maximise the benefits of trade between Nigeria and other D8 member countries, Mr. Aganga said Nigeria would develop its own country specific and regional trade strategies, which would be based on the areas where the country had competitive and comparative advantage.
He said, “At the moment, the value of intra trade between D8 countries as of 2012, is about $150 billion, but our target is $500billion in the next five years. The details of this will be agreed at the next meeting. On that basis, Nigeria will have its own trade strategy, based on where we have competitive and comparative advantage and also on what D-8 countries import from member countries. Then, we will make sure that we have our own import substitution so that we can trade with other D8 countries.
“For Nigeria, our emphasis will be on improving the quality, volume and value of trade by moving away from exporting raw materials to exporting semi-processed and finished goods so that we can create jobs locally. Also, we have unique country specific and regional strategies for West Africa, Africa and for D8 countries in order to achieve our overall international trade objectives.”
The minister noted that Nigeria would work closely with other D8 countries to remove the barriers to improved and mutually beneficial trade relationship among member countries within the next five years.
He said, “As a result of the current global financial, economic and sovereign debt crises which have adversely affected many countries, most countries have realised trade and investment are the most powerful tools for achieving inclusive and sustainable economic growth and development.
“There are three most important things that D8 member countries need to work on immediately. The first thing is to allow our business men and women to have easy visas which will make it easier for them to move across member countries to do their businesses. The second thing is to have a better and friendlier environment for customs in terms of operations. The third thing is to have a Preferential Trade Agreement across member countries in the areas where we have competitive and comparative advantage.”
Speaking during the event, Nigeria’s Minister of Foreign Affairs, Mr. Olugbenga Ashiru, called on the Organised Private Sectors of D-8 countries to take advantage of the Preferential Trade Agreement to boost trade and investment among member countries.
He said, “The Trade Ministers Council Meeting, as the highest policy making body of the Preferential Trade Agreement, is expected to consider the report of the Supervisory Committee on the PTA and the junior officials’ trade meeting, which took place on Monday. We are hopeful that the outcome of this meeting will provide the desired leeway for the post implementation of the PTA.
“However, I want to call on the member countries of the D8 to call on the private sectors of their respective countries to take advantage of the Preferential Trade Agreement to boost trade and investment among member countries.”
In his opening remarks, the Secretary-General of D-8, Mr. Seyed Mousavi, said that the meeting would provide a pragmatic approach towards increasing intra-trade among D8 countries.
He said, “One of the core objectives of the D8 Roadmap is to increase the intra trade of D-8 countries to at least 15 to 20 per cent of their total trade in the world by the end of 2018.
“The major product of our very first meeting of Trade Ministers, namely ‘Abuja Declaration’, will provide pragmatic approaches to achieve the expansion of D8 intra-trade in the framework of D-8 trade cooperation and will pave the way to take further necessary steps to increase the level of intra trade.”
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