Taiwan, Nigeria to consolidate on mutual trade relations

Taiwan, Nigeria to consolidate on mutual trade relations

 

Nigeria’s bilateral trade with Taiwan moved 22 billion naira in the first nine months of 2021 and increased to over 118.35%.

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Both countries are now looking to improve on the figure.

Recently, the two countries who are members of the world trade organisation moved to Olympia, import and export banks for trade facilitation on the backdrop of export that led to the emergence of Nigeria’s Okonjo Iweala as the WTO Director General.

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Taiwan wants the Nigerian government to consolidate on this mutual relations and facilitate continuous smooth trade by renewing the new Trade Protection Investment Agreement between Abuja Chamber of Commerce and Taiwanese Trade Agency.

Representative of Taipei Trade Office in Nigeria, Ambassador Andy Yih-Ping Liu made this known while speaking on TVC’s Morning Programme TVCBreakfast with Mike Okwoche and Sam Omatseye.

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Ambassador Yih-Ping Liu said this has become necessary with the appreciable increase in trade value between the two countries since the Taipei Trade Mission was set up in Nigeria.

In terms of economics and trade, Liu claimed that the country saw a nearly 200 percent rise in trade between Nigeria and Taiwan last year.

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Taiwan, according to Liu, required Nigerian agricultural products such as sesame, chestnuts, groundnuts, and others.

He emphasised the necessity of government-to-government engagement in terms of establishing an agreement on mutual trade between the two countries in order to facilitate commerce.

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The Ambassador noted that Taiwan and Nigeria would maintain their current friendship while also sharing their skills

He also stated that Nigeria has shown hospitality in treating its visitors well, but that it does not rely solely on government-to-government engagement but also on people-to-people interaction in the national parliament, house of representatives, senate, and others..

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On Nancy Pelosi’s visit to Taiwan, Liu noted that it meant a lot to the country, but that it would not be the first time Taiwan would welcome high delegate from the US, whether from the Senate, House, or European countries, as well as Nigeria.

“It is common for a high-ranking US official to visit the country on a regular basis. We didn’t believe there would be such a huge deal over Nancy Pelosi’s coming that it would be scary, poking, or provocative.”

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In terms of solidifying cultural relations between Nigeria and Taiwan, Yih-Ping Liu said the country has began having a lot of interaction with the Nigerian art and the culture organization in Abuja and Lagos.

Speaking of the Russia/Ukraine war, Liu said it was a wake-up call since Russia had warned the world that any large nation could invade its neighbor at any time.

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As technology advances, particularly in the field of 5G, Liu highlighted that Taiwan’s telecommunications and high technology industry is the essential development factor since it generates the core technology required by large equipment.

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