Nigeria, UK Sign ETIP Deal to Clear Obstacles as Bilateral Trade Hits £6.7bn
The federal government has signed a landmark partnership with the United Kingdom (UK) to clear market and trade barriers, boost investment and make exporting more efficient for businesses under the Enhanced Trade and Investment Partnership (ETIP) agreement.
Speaking at the ceremony, Minister of Industry, Trade and Investment, Dr. Doris UzokaAnite, described the UK as one of the country’s major trading partners in Europe, adding that total trade in goods and services reached £6.7 billion (about N12 trillion) in 2023.
She said the implementation of the ETIP will boost trade, investment and market access between both countries in line with the economic revitalisation plan of President Bola Tinubu.
Uzoka-Anite endorsed the agreement of behalf of the federal government while the Secretary of State for the Department of Business and Trade, Hon. Kemi Badenoch signed for the UK.
The minister said the occasion marked the beginning of a story of shared, long-term prosperity between both countries as well as a testament to the significance of not only the ETIP, but also their long-standing relationship.
Essentially, ETIP seeks to reduce barriers to business and trade between both countries.
She also said the successful implementation of the Africa Continental Free Trade Area (AfCFTA) agreement was expected to boost exports diversification, improved market access, enhanced trade opportunities and increased foreign direct investment.
She noted that at moment, Nigeria is currently negotiating its accession into the AfCFTA which is described as the largest free trade area in the world, with a combined GDP of $3.4 trillion and access to a market of over 1.3 billion people spread across 54 member states of the African Union (AU).
The minister said, “On our part, the ministry is diligently working to ensure that we remove barriers that hinder local businesses from succeeding, growing and expanding into other markets.”
The UK envoy said the role of the private sector in determining the success of the implelemetation of ETIP cannot be over-emphasised.
According to her, the agreement, “lays the ground work for over 3,000 Nigerian products as it is the first of many and we must be committed in building and implementing the agreement which is where the hard work lies.
“Importantly, the agreement cannot be executed by the government alone which is why we need the collaboration of the private sector.”