CHINA AND INTERNATIONAL TRADE In 1978, China opened up its doors to opportunities that brought about development of foreign trade which lead to the promotion of its economic growth. Over the past 30 years, it has seized the opportunity of the world’s long term prosperity and economic globalization by attracting foreign investment, introducing advanced technology and rapid development in foreign trade around the world to increase its trade volume globally. “The total volume of China’s import and export was only 20.6 billion US dollars in 1978, and by 2010 it had increased to 2.974 billion dollars signifying an annual growth of about 16.8%” (“China’s Foreign trade”) . “By the end of 2010, china had become the world largest exporter
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Before gaining independence in 1960, Nigeria was under the British colonial rule, under this rule; majority of its economic growth was driven by export from its agricultural sector. Basically, the country was able to survive on agricultural production. In 1970, there was a surge in oil production that led to Nigeria becoming one of the lead exporters of oil and natural gas. The country joined O.P.E.C. (Organization of petroleum exporting countries) in 1971, which aided in making it one of the most important oil producing nations in the …show more content…
Major Import to the country includes; machinery, heavy equipments, consumer goods and food products, and major exports are oil and gas, rubber and cocoa. Its’ major trade import partners ranging from Netherlands, United Kingdom, France, Germany, China, United States, and South Korea. According to a trade report posted on the office to United States Trade Representation, “Nigeria was the 35th largest goods trading partner with the United States in 2013”(“Nigeria/ United States Trade Representative”). The total amount of goods exported by the United States to Nigeria in 2013 was $6.5 billion and total import was about 11.7 billion (“Nigeria/ United States Trade Representative”). Nigeria became a member of the world trade organization in 1995; its membership has given it opportunities to trade with other members of the organization. Although the World Trade Organization expects equal treatment and fair trade amongst its members, there are still some trade barriers that have been identified in Nigeria. Barriers such as tariffs and non tariff measures, intellectual property rights and other obstacles have been identified as trade barriers which discourage countries from trading with Nigeria.
BARRIERS TO TRADE – CHINA According to the report presented by the Office of the United States Trade Representative in 2013, several
Before gaining independence in 1960, Nigeria was under the British colonial rule, under this rule; majority of its economic growth was driven by export from its agricultural sector. Basically, the country was able to survive on agricultural production. In 1970, there was a surge in oil production that led to Nigeria becoming one of the lead exporters of oil and natural gas. The country joined O.P.E.C. (Organization of petroleum exporting countries) in 1971, which aided in making it one of the most important oil producing nations in the …show more content…
Major Import to the country includes; machinery, heavy equipments, consumer goods and food products, and major exports are oil and gas, rubber and cocoa. Its’ major trade import partners ranging from Netherlands, United Kingdom, France, Germany, China, United States, and South Korea. According to a trade report posted on the office to United States Trade Representation, “Nigeria was the 35th largest goods trading partner with the United States in 2013”(“Nigeria/ United States Trade Representative”). The total amount of goods exported by the United States to Nigeria in 2013 was $6.5 billion and total import was about 11.7 billion (“Nigeria/ United States Trade Representative”). Nigeria became a member of the world trade organization in 1995; its membership has given it opportunities to trade with other members of the organization. Although the World Trade Organization expects equal treatment and fair trade amongst its members, there are still some trade barriers that have been identified in Nigeria. Barriers such as tariffs and non tariff measures, intellectual property rights and other obstacles have been identified as trade barriers which discourage countries from trading with Nigeria.
BARRIERS TO TRADE – CHINA According to the report presented by the Office of the United States Trade Representative in 2013, several