The federal government has challenged the World Trade Organisation (WTO) to urgently address all economic and trade-related issues of commercial significance for its members-states, if it is not to lose relevance, and allow other organisations to take over its functions.
The government suggested that one approach was to commit to continuing engagement to create win-win outcomes while implementing individual member’s economic and structural reforms.
The Minister of Industry Trade and Investment, Dr. Okechukwu Enelamah, who handed down Nigeria’s position at the just-concluded WTO’s 11th Ministerial Conference in Buenos Aires, Argentina, noted that “ Nigeria considers that for the relevance and credibility of the WTO, the organisation should deal simultaneously with longstanding issues on the negotiating agenda of the WTO, together with issues of commercial significance, that modernize, foster inclusive growth, create jobs and widen the circle of prosperity.”
The minister noted that the fallout would be other organisations taking over its functions. He listed some of the contemporary issues with commercial significance as investment facilitation for development; e-commerce and the digital economy; micro-small and medium enterprises, women’s economic empowerment and associated policies to mainstream the informal into the formal economy.
The minister recalled that Nigeria organised a high-level policy and private sector forum on trade and investment facilitation for development, in Abuja, in November, to support the consensus-building efforts of the WTO on Investment Facilitation (IF).
A major outcome and contribution, he stated, was the “Abuja Statement: Deepening Africa’s Integration in the Global Economy through Trade and Investment Facilitation for Development”, which, he said, was adopted unanimously.
ThisDay
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