Nigeria and Egypt sign MoU to promote trade

The Federal Competition and Consumer Protection Commission and Egypt’s competition authority signed a memorandum of understanding on Thursday to promote trade fairness between the two countries.

The process began in 2019 when the FCCPC and the ECA initiated discussions on how to improve competition law and policies between the two sides.

According to a statement from FCCPC’s management, the main mandates of the FCCPC include the protection of consumers and the promotion of fair competition in Nigeria, with its scope covering all enterprises, conduct and commercial activities within or having an effect within Nigeria.

“In this regard, the FCCPC and the ECA have strengthened their commitments in a Memorandum of Understanding.

“Given that both countries are among the largest economies in Africa, and the mutual objectives and mandates of both agencies, on Tuesday, January 31, 2023, at the headquarters of the Egyptian Competition Authority in Cairo, Egypt, the FCCPC and the ECA MoU performed. . Both agencies recognize and recognize the purpose and benefits that this partnership portends: to strengthen economies and promote shared prosperity.”

The statement noted that the Memorandum of Understanding recognizes critical issues that both agencies seek to foster engagement through joint research, capacity development, and information and experience sharing to ensure that consumers and businesses receive the protections and benefits they are inherent to the economic expansion that reinforces this involvement.

In his remarks, Nigeria’s Ambassador to Egypt Amb Nura Rimi said: “The MoU and its scope are a very important starting point, and key competition regulators such as the FCCPC and the ECA are vital for market access and stability. This MoU is an indication of the mutual commitments of both agencies to promote trade and fairness.”

The Executive Vice-President, FCCPC, Babatunde Irukera welcomed the presence of the Nigerian Ambassador to Egypt, thanked his colleagues at COMESA for their support and appreciated the warm hospitality of the Egyptian Competition Authority for hosting both the implementation of the MoU and the African Heads of Competition Dialogue Meeting.

Irukera said: “The signing of this Memorandum of Understanding today is somehow an end, so to speak, as it completes the important work of engagement, negotiation and amendment. At the same time, it marks the formal beginning of a framework and platform to increase trade between our countries, promote market fairness and ensure our continent advances in consumer choice, market access and stability.”

During his speech, Dr. Momtaz Mahmoud, Chairman of the Egyptian Competition Authority, welcomed the distinguished attendees, highlighting the close relationship and cooperation with the FCCPC and noting that the MoU was the result of cooperation between the two agencies, and enhanced integration and joint regulation. action between African countries.

He also noted that such cooperation would help address the cross-border effectiveness of competition regulation between the two countries and on the continent.