The Ministry of Commerce is working on a proposal for early initiation of negotiations with Nigeria on Free Trade Agreement (FTA) to boost bilateral trade.
An official of the ministry said the federal cabinet has already accorded approval in November 2014 for launching the talks.
It is also proposed to open a trade commission office in Lagos, where a trade officer will be posted to facilitate exports and imports between the two countries.
During the visit of President Mamnoon Husain to Nigeria in June 2014, both sides had agreed that Nigeria will play its role in facilitating access of Pakistani goods to the 15 countries which are members of Economic Comm-unity of West African States that constitute (ECOWAS).
The Nigerians assured Pakistan that they would help the country in geaining access to the vast market of the Western African States —Benin; Burkina Faso; Cabo Verde; Cote D’ivoire; Gambia; Ghana; Guinea; Guinea Bissau; Liberia; Mali; Niger; Nigeria; Senegal; Sierra Leone; and Togolese.
Presently the value of bilateral trade between the two countries is less than $100 million. The proposed treaty aims to increase bilateral trade to $1 billion within the next five years.
