Nigeria and the United Arab Emirates have signed a Comprehensive Economic Partnership Agreement, CEPA, aimed at expanding tariff free trade in goods and services between both countries. The agreement was signed on Tuesday in the presence of President Bola Tinubu and the UAE leadership, according to Nigeria’s Minister of Industry, Trade and Investment.
Under the deal, tariffs will be eliminated on thousands of products, with Nigeria removing duties on more than six thousand items and the UAE liberalising trade on over seven thousand products. The agreement also opens access to more than one hundred service sectors and includes rules of origin to ensure only goods produced in either country benefit from the tariff concessions.
Also Read: DisCos record revenue gains as FG pays ₦458bn power subsidies
The Ministry of Industry, Trade and Investment said the agreement complies with Nigeria’s obligations under the World Trade Organization and complements existing commitments under ECOWAS and the African Continental Free Trade Area. Nigerian officials say the pact positions the UAE as a gateway for Nigerian businesses into Middle Eastern and global markets, while supporting investment and export growth.
Leave feedback about this
You must be logged in to post a comment.