Agriculture subsidies and non-tariff barriers highlighted as a specific hindrance to development
Communiqué sets out a road map for WTO reform; Communiqué calls for development to be at the centre of WTO reform; Agriculture subsidies and non-tariff barriers highlighted as a specific hindrance to development.
Following a meeting convened by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC) and hosted by the Afreximbank, a communiqué addressed to members of the WTO and the eight candidates who have been shortlisted as the institution’s next Director General was released yesterday calling for a wide range of reforms.
The communiqué was formulated following numerous consultations with PAFTRAC members, its institutional partners, and through a comprehensive survey of the African private sector. Within it, the Committee have highlighted a number of recommendations to ensure the institution is more effective in growing global trade but doing so in a manner that is fair to all.
The communiqué stated that “ignoring the voice of Africa and other emerging economies will have dramatic consequences for and undermine the relevance of the WTO and the rules-based system at a time when multilateralism is already under threat.”
In the opening remarks at the meeting, the President of the Afreximbank stated that “Africa has played an important but largely under-valued role in the global economy.” He cited that Africa’s global share of trade has fallen from 4.4% in 1970 to 2.5% today, whilst the share of Asia has risen from 7.7% to 20% over that same period. “Whilst this is the result of numerous factors, including fragmented markets and persistent supply-side constraints,” he said, “tariff escalations and stringent standards on final goods in developed economies have limited Africa’s potential to move up value chains.”
The communiqué called for the WTO to ensure “that development issues are front and centre of its reform agenda.” They specifically called for African countries to be afforded Special and Differential Treatment that will allow flexibilities and sufficient policy space to support local industries and advance development. The African private sector also emphasised the importance of addressing subsidises and state-aid in developed economies which continue to confine Africa to the bottom of global value chains.
With the African Continental Free Trade Agreement (AfCFTA) coming into effect in 2021, they also requested that African integration under the AfCFTA and the establishment of an African Common Market is not undermined by multilateral negotiations.
Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State
The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.
The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.
Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.
“I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.
The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”
Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director
Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.
The company stated in a statement filed with the Nigerian Stock Exchange.
Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.
Therefore, his experience spans from Europe, Americas and Asia.
His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.
“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”
MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games
MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.
The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.
According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.
Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”
MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business2 months ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
Again, UBA Reduces International Spending Limit on Naira Card as Forex Scarcity Persists
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries