The Nigeria Office for Trade Negotiations (NOTN) has emphasised the importance of aligning Nigeria’s service sector obligations with international standards amid changing national policies and market dynamics.
Amb. Yonov Agah, the Director-General of NOTN, said this at a stakeholders Validation Meeting on Tuesday in Abuja.
The News Agency of Nigeria (NAN) reports that the meeting was aimed at enhancing Nigeria’s trade framework.
It is a platform for stakeholders to deliberate on the country’s commitments under the General Agreement on Trade in Services (GATS) of the World Trade Organisation (WTO).
It also allows stakeholders to deliberate on Nigeria’s draft offer of specific committee for the five priority sectors under the African Continental Free Trade Area(AfCTA) protocol on Trade In Service (TIS).
Agah reiterated the crucial role of stakeholder engagement in trade negotiations,emphasising a two-stage process of aligning national priorities, and advocating for these interests in international fora.
“The meeting also serves to inform stakeholders about past initiatives, including a study conducted by the Overseas Development Institute on market access for Nigeria’s credit services.
“This foundation aims to ensure that current commitments reflect Nigeria’s economic landscape and support its service sector, which contributes over 60 per cent to the nation’s Gross Domestic product (GDP),” he said.
The director-general encouraged stakeholders to voice their concerns and share insights on the evolving regulatory landscape affecting various sectors, including banking, logistics, and professional services.
“The aim is to refine Nigeria’s offer to the Economic Community of West African States (ECOWAS) and ensure that it accurately represents the interests of local businesses.
“As Nigeria chairs the ECOWAS community, the outcomes of this meeting will carry significant political weight in upcoming negotiations.
“This will foster competitiveness and attract investment. And I am optimistic that these discussions will pave the way for a more robust and responsive trade framework in the country,” he said.
Agah called for collaboration among all parties for Nigeria to navigate the complexities of trade liberalisation and maximise the benefits therein for its economy.
By Lucy Ogalue, NEWS AGENCY OF NIGERIA