Abuja — The United States and Nigeria today held the seventh meeting of the U.S.-Nigeria Trade and Investment Framework Agreement (TIFA) Council in the Nigerian capital city of Abuja.
Discussions focused on several common objectives, including market access, cooperation in the World Trade Organization (WTO), issues affecting the commercial environment, local content restrictions, implementation of the African Growth and Opportunity Act (AGOA), intellectual property rights, and improving the bilateral investment climate between the United States and Nigeria. Discussions were led for the United States by Assistant U.S. Trade Representative for African Affairs Florizelle B. Liser and for Nigeria by Nigerian Minister of Trade and Investment Olusegun Olutoyin Aganga.
Nigeria is one of the most important countries in sub-Saharan Africa, and has significant strategic importance for the United States. As the largest market in West Africa, Nigeria plays a central role in the regional economy, and policies implemented in Nigeria have an effect that reverberate throughout the region.
Total U.S.-Nigerian trade was valued at $38.5 billion in 2011, up nearly 12 percent from 2010, largely due to higher oil export volumes and prices. U.S. imports from Nigeria were valued at $33.7 billion in 2011 and consisted almost entirely of crude oil. U.S. non-oil imports from Nigeria consisted primarily of agricultural products, such as cocoa, tobacco, rubber, feeds and grains, and nuts. U.S. exports to Nigeria were valued at $4.8 billion in 2011, an 18.4 percent increase from 2010.
Nigeria is the world's largest importer of U.S. wheat, with purchases valued at $1.2 billion in 2011. Other major U.S. exports to Nigeria include transportation vehicles and processed petroleum products, such as gasoline and kerosene.
The United States and Nigeria have worked cooperatively together over the years to make significant strides towards improving the environment for business and trade. The U.S.-Nigeria TIFA is part of a comprehensive U.S. effort to support the Nigerian Government's work to advance trade and economic development. The U.S.-Nigeria TIFA Council is working to develop specific initiatives to expand economic opportunities for workers, farmers, businesses, and consumers in both countries.
The United States-Nigeria TIFA was signed in 2000. It provides a mechanism for regular, high-level dialogue on enhancing U.S.-Nigeria economic ties and improving coordination on multilateral and bilateral trade and investment issues.
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Although trade and investment are essential for developing Nation like Nigeria.But the problem is that those policies that bring development in the country are highly exploited by a rich country like united stated.because the exploitive free trade agreement and bilateralinvestment treaties which prohibit the very policies the developing countries need to fight against poverty. for example the very area the poor countries need to protect which will reduced the level of poverty and enhance development such as recognizing the right of government to regulate the intry of foreign investors to promote development and creation of decent employment and include commitment to enforces core labour standards for all workers. And to exclude essential poblic services such as education, water , health and sanitation from liberalisation commitment.
Could this come to a reality? or just may say