Nigeria, Switzerland signs treaty to end dumping
As a key element of modern trade policy, the Federal Government, Tuesday, entered into agreement with leading trade law firm, King and Spalding, LLP, of Geneva, Switzerland, to provide legal services for Nigeria’s trade remedy legislation.
The Chief Negotiator, and Director General, Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe, signed for the Nigerian Government, Daniel Crosby, did for King and Spalding.
Under the terms, King and Spalding is expected to support the drafting of Nigeria’s trade remedy law as well as prepare a legal brief on the rationale and requirements for the legislation, which will effectively stop dumping on the Nigerian market.
A statement signed in Abuja, from the Ministry of industry, Trade and Investment, said the company’s services are on a pro bono basis, which is supposed to be for public good and non-profit.
Chisakwe noted that Nigeria has been grappling unsuccessfully with increased cases of dumping and other injurious imports into the economy. This, in his view, is undermining serious efforts by the Federal Government to support local manufacturers and service providers to competitively grow the economy through integration to global value chains, in a rule-based global economy.
He was quoted as saying: “Dumping in the Nigerian market is illegal and anti-development. The legal services and technical support to be provided by King and Spalding, is a major step forward to definitively stop this illegal practice and alarming increase of dumping in the Nigerian economy.”
He further stated: “Nigeria commends King and Spalding for its pro bono support and very much looks forward to a technically solid partnership to establish a rules-based trade remedy infrastructure for Nigeria in 2018.”
On his part, Crosby was quoted, “Nigeria boasts one of Africa’s most ambitious and exciting economies. The Nigerian Government’s commitment to economic and social development, while nurturing local businesses and industries is an important one.”
He concluded by stating that “We’re extremely pleased to be able to collaborate on a pro bono basis with the Nigerian Office for Trade Negotiations (NOTN), to help establish a WTO-consistent trade remedy system that will promote free and fair trade while protecting local entrepreneurs and keeping the country competitive as it integrates further into global markets.”