4 December 2012

Nigeria, U.S. Move to Boost Economic Ties

Nigeria and the United States of America yesterday renewed their commitments towards increasing the economic, trade and investment relationship, especially in the area of non-oil exports.

This was the high point of the 7th US-Nigeria Trade and Investment Agreement Council Meeting in Abuja.

The Minister of Trade and Investment, Mr. Olusegun Aganga, said that given the current global economic meltdown, trade and investment remained the only potent tool for achieving sustainable and inclusive economic growth globally.

He added that there was a need for Nigeria and the United States to deepen their trade and investment relations, especially in the areas where both countries had comparative and competitive advantage.

The US-Nigeria Trade and Investment Agreement (TIFA) was signed in 2000. It establishes the framework for structured dialogue on trade; intellectual property rights; flow of investment as well as partnership for cooperation and collaboration between the economic operators of the two countries.

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