Nigeria and Netherlands have engaged in an Economic Consultation to modernize the existing bilateral investment treaty between both countries to strengthen economic interest and opportunities.<\/p>\n\n\n\n
The Permanent Secretary in Ministry of Foreign Affairs, Mr. Adamu Lamuwa, at the opening of the Economic Consultation on Tuesday in Abuja, said that discussion would also be opened or the establishment of a joint Bi-national Commission.<\/p>\n\n\n\n
Lamuwa, who was represented Amb. Bolaji Akinremi, Director, Trade and Economic Relations in the Ministry, said that the Economic Consultation was timely as rebuilding the nation\u2019s economy is the focus of the new administration.<\/p>\n\n\n\n
\u201cThis gathering of professionals would foster productive dialogue on Nigeria-Netherlands Economic Cooperation, the Investment Promotion and Protection Agreement (IPPA), Avoidance of Double Taxation Agreement (ADTA), and other legal frameworks.<\/p>\n\n\n\n
\u201cDuring this Economic Consultation, Nigeria is willing to explore further, areas of economic cooperation with the Netherlands in Agricultural value chain, secular economy, renewable energy, waterways management and water scarcity.<\/p>\n\n\n\n
\u201cOther areas are Oil and Gas, Special Economic Zones, African Continental Free Trade Area (AfCFTA), Economic Community of West African States (ECOWAS) and Trade facilitation in Western Africa, Science, Technology and Innovations (STI) Education and Health<\/p>\n\n\n\n
\u201cMines and Metallurgy, Arts and Crafts, Tourism, Creative and Entertainment Industry, Small and Medium Enterprises Development, Aviation, Anti-Money Laundry and Counter Financing Terrorism (AML\/CFT) \/ General Security matters. Digital Economy and FINTECH,\u201d<\/p>\n\n\n\n
He noted that in spite of the longstanding bilateral relations between Nigeria and the Netherlands there was no Joint\/Bi-National Commission Agreement between the two countries.<\/p>\n\n\n\n
\u201cNegotiation for the establishment of a Joint Commission has been inconclusive since 1987.<\/p>\n\n\n\n
\u201cAgainst this background, the Government of Nigeria would like to reopen the negotiation for the establishment of a Joint\/Bi-National Commission Agreement, as this would further consolidate and boost the relations between the two countries,\u201d Lamuwa said.<\/p>\n\n\n\n
Ms. Hanneke Schuiling, Vice-Minister for Foreign Trade of the Kingdom of the Netherlands said the Dutch government attaches importance strengthening bilateral economic relationship with Nigeria, its fifth trading partner in Africa.<\/p>\n\n\n\n
Schuiling said that updating and modernizing the investment agreement between both countries will create a more stable and predictable investment environment.<\/p>\n\n\n\n
\u201cIn this regard we see a high potential in four areas in particular: \u2013agriculture, IT, healthcare and renewable energy.<\/p>\n\n\n\n
\u201cAs you may be aware, the current treaty was signed in 1992. Since then, both countries have experienced significant changes in their approach to international investments which can be adopted into a new treaty.<\/p>\n\n\n\n
\u201cIt is important to modernize our treaty to reflect these changes. A modernized treaty can also foster stronger economic relations between our two nations.<\/p>\n\n\n\n
\u201cI hope we can seize the opportunity to mutually agree on a new investment treaty, that reflects the evolving economic landscape and guarantees a fair and transparent investment climate for both parties.<\/p>\n\n\n\n
\u201cFirstly, we recognize the importance of promoting and protecting investments in both our countries. It is important that we facilitate investments and that we provide a transparent legal framework to investors. This will be crucial to fostering investor confidence.<\/p>\n\n\n\n
\u201cAt the same time, we need to ensure that our respective governments\u2019 right to regulate is enshrined in the treaty.<\/p>\n\n\n\n
\u201cSecondly, incorporating sustainable development and responsible business conduct in this treaty is another element that we feel is very important. These topics are increasingly important in trade and investment agreements. .<\/p>\n\n\n\n
\u201cThirdly, it is our ambition to include provisions for transparent and predictable dispute settlement procedures. This will provide both governments and investors with greater certainty and confidence in the investment process,\u201d Schuiling said.<\/p>\n\n\n\n
Dr Bashir Jamoh, Director-General, Nigeria Maritime and Safety Agency (NIMASA), said that the Agency looked to partnering with the Netherlands as a maritime nation to develop Nigeria\u2019s blue economy to becoming the nation\u2019s main source of revenue.<\/p>\n\n\n\n
\u201cWhat we are advocating now is the issue of the blue economy, and already, the Federal Government has inaugurated a committee to look into ways of harnessing our blue economy.<\/p>\n\n\n\n
\u201cThe Netherlands having being a maritime nation, they owe it a duty to join hands together and see how we can continue to build and expand our own fleets, the ships, small ships, the fishing trollers, passenger ferries, instead of using small canoes that every day we record accidents.<\/p>\n\n\n\n
\u201cThe fishing industry used to give Nigeria the second largest income, today, because of the extinction of these fishing trollers we no longer have any sizeable income from our fishing.<\/p>\n\n\n\n
\u201cWe are doing what we can explore from the over 2.5 trillion dollars\u2019 worth of ocean resources,\u201d Jamoh said.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Nigeria and Netherlands have engaged in an Economic Consultation to modernize the existing bilateral investment treaty between both countries to strengthen economic interest and opportunities. The Permanent Secretary in Ministry of Foreign Affairs, Mr. Adamu Lamuwa, at the opening of the Economic Consultation on Tuesday in Abuja, said that discussion would also be opened or […]<\/p>\n","protected":false},"author":2,"featured_media":6870,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949,241],"tags":[13,1866],"class_list":["post-50751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-foreign","tag-economy","tag-netherlands","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n