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Published On: Mon, Oct 16th, 2017

WTO forum pledges support for Nigeria’s investment initiative

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From Ab’eku ‘kachukwu Abuja

The World Trade Organization (WTO) friends of Investment Facilitation for Development Forum (IFDF)has pledged support for the success of the High-Level Investment Forum taking place in Abuja on the 3rd and 4th of November, 2017.
The forum will be co-hosted by the Federal Ministry of Industry, Trade and Investment (FMITI) and the Economic Community of West Africa (ECOWAS) in partnership with FIFD.
This latest development was contained in release signed by Constance Ikeokwu, the Strategy and Communications Adviser to the Ministers.
Investment Facilitation for Development is an initiative by some WTO members including Nigeria as a core member to constructively and progressively drive trade and investment with concrete deliverables in mind. WTO Investment Coalition is made of Nigeria, Argentina, China, Australia, Brazil, Chile, Colombia, Hong Kong, Japan, Korea, Mexico, Pakistan, Russia, Singapore, Switzerland, Canada and the European Union
A draft declaration is being negotiated for finalization at the WTO in Geneva, Switzerland, as part of the deliverables for the Buenos Aires, Argentina, Ministerial Conference in December.
The Objective of the Investment Coalition are to: place investment facilitation as a priority for the WTO Ministerial MC11 in Buenos Aries, Argentina; achieve coherence between the trade and investment policy communities as well as position the WTO to be more pro-developmental with actual deliverables for its members and; seek active investment opportunities in their countries
In his remarks, the Director General cum Chief Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe noted that the forum would enhance economic growth and recovery, creation of employment opportunities and connection to global value chains

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