Lagos - Negotiations over the Economic Partnership Agreement (EPA) was again stalled as Nigeria once more prevented smaller West African neighbours from accepting European Union’s (EU) terms of the agreement for opening up their economies to free trade with the EU countries, reports Daily Trust.
The agreement would have allowed ECOWAS to open up 75 percent of its markets with its 300 million consumers to Europe over a 20-year period.
In return, the EU would offer the 15-member ECOWAS full access to its markets. The EU will also be offering a €6.5 billion package over the next five years to help ECOWAS shoulder the costs of integrating into the global economy.
In rejecting the agreement, Nigeria voiced concern over the potential negative impact of the deal on its industrial sector if certain products were allowed tariff-free entry into the Nigerian market.
Read more at Daily Trust.
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