From: Walter Ukaegbu, Abuja
The Federal Government has entered into an agreement with a leading trade law firm, King and Spalding, LLP Geneva, Switzerland, to provide legal services for Nigeria’s trade remedy legislation, as a key element of modern trade policy.
The agreement was signed in Geneva by Chief Negotiator and Director General of the Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe for Nigeria and Mr. Daniel Crosby for King and Spalding
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
The company’s services are on a pro bono basis. Osakwe noted that Nigeria has been grappling unsuccessfully with increased cases of dumping and other injurious imports in the economy. This, in his view, is undermining serious efforts of the Federal Government to support local manufacturers and service providers to competitively grow the economy through integration to global value chains, in a rules-based global economy.
According to him, 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 the 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 said: “Nigeria boasts as 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.
“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 World Trade Organisation (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.”