shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Lagos, Argentine Chambers Sign MoU To Increase Bilateral Trade Volume

Lagos, Argentine Chambers Sign MoU To Increase Bilateral Trade Volume

by Ade
June 2, 2022
in Featured, News

The Lagos Chamber of Commerce and Industry (LCCI) and the Argentine Chamber of Commerce and Services have signed a Memorandum of Understanding (MoU) to improve bilateral trade volumes between Nigeria and Argentina.

LCCI

Speaking at the virtual MoU ceremony on Wednesday, Dr Chinyere Almona, Director-General, LCCI, said the partnership would also promote international relationship between both countries.

Almona stated that the Nigeria-Argentina relations which dated to the early 1970s, had progressed significantly in recent years with both countries as active members of the G15 group.

G15 is a group of developing countries that seeks to foster South-South cooperation and promote reform in the global trade system.

She said that both countries were also members of the G24, a group of countries working to ensure that their interests were adequately represented in international monetary and development finance fora.

The LCCI DG, however, noted that in spite of the strong diplomatic ties, the volume of trade between both countries was relatively low, with 300 million dollars as the highest figure recorded in 2013.

She stated that presently, the major areas of bilateral trade between Nigerian and Argentine investments were in food, Information and Communication Technology (ICT) and construction.

Almona said the signing of the MoU was expected to help open more sectors for investment in both countries.

“The COVID-19 pandemic had drastic impact on cross-border trade activities and global supply chains with world merchandise trade falling between 10 per cent and 15 per cent in 2020 and 2021 due to the pandemic.

“While full recovery is in progress, we need to move quickly on the implementation of the MOU we are signing today as this would help increase the volume of trade between both countries.

“Nigeria is Africa’s largest economy with a population of about two hundred million people while Lagos is the commercial nerve centre of the country and the economic hub of the West African subregion.

“The LCCI, therefore, with a membership comprising thousands of organisations from over 20 sectors of the Nigerian economy, is in a strategic position to promote trade and investment between Nigeria and Argentina,” she said.

Mr Marcelo Elizondo, President, Argentine Chamber of Commerce and Services, stated that the ceremony was to formalise and start a prosperous journey between both countries.

Elizondo said that Non Governmental Organizations such as these remained as relevant factor due to its key role in supporting companies wanting to activate international trade and relationship.

He said that the chamber, which accounted for a large percentage of the country’s Gross Domestic Product, was ready to provide professional help to improve business relationships with non traditional markets.

Elizondo said that huge potentials for the country’s exports were in agro farming products, moderate manufacturing, industry goods of different kinds from metal, pharmaceuticals amongst others.

He said that the country was recovering its international trade in both exports and imports services to a value never reached before.

He noted that profound changes from the Russian-Ukraine war, climate changes, COVID-19 and other macroeconomic and non situational changes such as technology disruption had impacted the global economies.

Elizondo stressed that these developments showed that new strategies for innovation, increase in merchant economy and other dynamics were critical factors for the development of any country.

“Given that trade is a two way business, we can create links so that Argentine businesses can have access to an external supply that can create competitiveness and this MoU would ensure that all services should supply targets recipients.

Read Also:  NEPC Urges Exporters To Take Advantage Of Incentive Schemes

“The MoU occasion affirms alliance to improve competitiveness of both countries and improve capabilities of target companies.

“Four big challenges must be tasked in this MoU which international trade is demanding as a whole.

“First thing to achieve is to help companies have better services in terms of good while the second goal is to encourage innovation to make changes with technology and interaction amongst one another.

” The third is to encourage in the companies we would like to foster this MoU with, to generate reputation and security in relation to commercial brand and generating confidence in the products and services they offer.

“The last components that complete this is the development of permanent alliances, relationship more than legalities and other formalities,” he said.

Ambassador of Argentina to Nigeria, Alejandro Herrero, expressing pride at the significance of the signing of the MoU, described it as the most important aspect as regards international trade.

“We are business oriented with good, quality people, and very rich bilateral political agenda with Nigeria.

“We are aware that we cannot allow the exchange between both countries to be limited to 200 million dollars.

“This MoU is a starting point of a better relationship between both countries,” he said.

shippingposition

Kindly like us on Facebook


Tags: Bilateral Trade

Related Posts

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

July 2, 2022
Calabar Port Returns To Life As Vessel Berths After Three Years Of Inactivity

Calabar Port Returns To Life As Vessel Berths After Three Years Of Inactivity

July 2, 2022
Apapa Customs Collects N522.4bn In Six Months

Apapa Customs Collects N522.4bn In Six Months

July 2, 2022
NIMASA Seeks Stakeholders’ Collaboration On Security

NIMASA Seeks Stakeholders’ Collaboration On Security

July 2, 2022

Latest News

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

July 2, 2022

Calabar Port Returns To Life As Vessel Berths After Three Years Of Inactivity

Apapa Customs Collects N522.4bn In Six Months

NIMASA Seeks Stakeholders’ Collaboration On Security

Niger Delta Group Hails Military Onslaught Against Oil Thieves

NEPC Trains 45 Newly Registered Non-Oil Exporters In Enugu

POF: APMT, WACT Begin Collection In Apapa, Onne Ports Today

At Last, Onitsha River Port Concessioned, Minister Says Port Will Generate Over N23 Billion In 30 Years

Military Recovers 3.8m Litres Of Crude Oil, Arrests 26 Thieves

Gbajabiamila Says NITTA Bill Will Address Road Carnages

Navy Hands Over 677 Drums Of Adulterated Petrol To NSCDC

Ship Disruption May Push Inflation Higher Says UN

kindly like our Facebook page

Health

WATCH IT!: Sitting Too Long Could Increase Risk Of Heart Disease, Early Death
Health

WATCH IT!: Sitting Too Long Could Increase Risk Of Heart Disease, Early Death

June 27, 2022

A new study has indicated that sitting down for more than eight hours in a day could increase the risk...

Beware: Food Vendors Using Transformer Oil To Cook!

Beware: Food Vendors Using Transformer Oil To Cook!

June 27, 2022
World Cup Public Viewing Can Spread COVID-19 Faster, Virologist Warns

World Cup Public Viewing Can Spread COVID-19 Faster, Virologist Warns

June 20, 2022
US Panel Recommends COVID-19 Vaccines For Youngest Children

US Panel Recommends COVID-19 Vaccines For Youngest Children

June 20, 2022
Red Alert: Monkeypox Spreads To 15 States, Cases Now 36 – NCDC

Red Alert: Monkeypox Spreads To 15 States, Cases Now 36 – NCDC

June 20, 2022
WHO To Assess Monkeypox As International Health Emergency

WHO To Assess Monkeypox As International Health Emergency

June 20, 2022
ECOWAS Cautions Member States’ Citizens On Monkeypox

ECOWAS Cautions Member States’ Citizens On Monkeypox

June 20, 2022
COVID Vaccine Rights Waiver Within Reach – WTO Chief

COVID Vaccine Rights Waiver Within Reach – WTO Chief

June 13, 2022
Astrazeneca Says Evusheld ‘Significantly’ Cuts Risk Of Severe COVID

Astrazeneca Says Evusheld ‘Significantly’ Cuts Risk Of Severe COVID

June 13, 2022
WHO Warns Of ‘Real’ Monkeypox Risk As Outbreak Tops 1,000 Cases

WHO Warns Of ‘Real’ Monkeypox Risk As Outbreak Tops 1,000 Cases

June 13, 2022
Top 6 Ways to Detox Your Body!

Top 6 Ways to Detox Your Body!

June 13, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition