The European Union (EU) and the ECOWAS Commission have called on the Federal Government to sign and ratify the Economic Partnership Agreement (EPA) between them to enhance economic development.The appeals were made by Mr. Filippo Amato, Counselor, Head of Trade and Economic Section of the EU Delegation to Nigeria and ECOWAS, and Dr. Gbenga Obideyi, ECOWAS Director of Trade in a chat with Economic Confidential on the sidelines of the just concluded Media workshop on International Trade Agreements held at the ECOWAS secretariat in Abuja.

The duo had informed Economic Confidential that EU had signed the agreement with ECOWAS while some countries ratified it except Nigeria and few others.

They maintained that EPA was good for Nigeria and urged the country to follow the steps of other ECOWAS countries by ratifying it, stressing that EPA establishes an affiliation based on common objectives and asymmetrical obligations in West Africa’s favour.

“All West Africa exports will gradually reduce duties on 75 per cent of EU imports over a long transition period of 20 years. The EPA is aligned with EU development assistance to support implementation – including at least 6.5 billion euros from 2015-2019” of which Nigeria has enjoyed over 2 billion Euros for specific projects even though it has not signed and ratified the agreement.

Mr. Amato said however that there are many safeguards to support domestic production, infant industry and food security and EU will not use subsidies on agriculture exports to West Africa, adding that EPA would enhance cooperation on issues such as standards, trade in services, agriculture, fisheries, investment, business, environment and custom cooperation.

In addition, they said that joint monitoring institutions would be established, including an EPA Council, an Implementation Committee, a Parliamentary Committee and a Civil Society Forum.

Speaking on the benefits of EPA accruable to signatory nations, both EU and ECOWAS said Studies from the World bank had shown overall positive effects on Nigerian consumers and producers, with very limited fiscal losses, arguing that the vast majority of manufacturing firms actually stood to gain from the deal, as about 95 per cent of Nigerian firms would benefit from lower input prices under the EPA.

They further said that EPA would jettison all EU tariffs on Nigerian exports, protect Nigeria’s domestic industries and sensitive agricultural and other consumer products.“It will enhance progressive lifting of 75 per cent tariff lines on imports from EU over a period of 20 years will not damage Nigerian firms.

“Nigeria’s loss of tariff revenue (fiscal losses) under the EPA will be minimal and gradual; its impact can easily be mitigated. EPA will provide for enhanced cooperation in agriculture and fisheries; it will contribute to regional integration and it will not harm development,’’ they said.

Economic Confidential would recall that the EPA negotiations were characterized as participatory and inclusive, as institutional structures such as regional negotiation committee, ministerial negotiation committee, which included representation from government, private sector and civil society, were established to ensure the adoption of common regional positions.