Russian companies Drobmash and Energomotor, Czech PSP Engineering and Nigerian Abia Cement signed a memorandum of understanding to build a cement factory in Nigeria, Nigeria’s Ambassador to Russia, Steve Ugbah, announced.
“We have just signed the memorandum of understanding,” the ambassador said.
The factory with the capacity to produce two million tons of cement annually will be built in the province of Abia, in the south of the country.
According to the signed document, Russian companies will send the necessary industrial equipment.
Meanwhile, Russia and the European Union (EU) examine the possibility of signing an agreement to resolve trade disputes in the framework of the World Trade Organization (WTO), said Russian Economic Development Minister Maxim Oreshkin.
“Today the WTO has a serious problem with the Appellate Body, it will freeze the possibility of appointing the judges of that entity, that is why some countries hold bilateral consultations and we participate in this process (…) We are dialoguing with the European Union,” said Oreshkin.
The purpose, he remarked, is “to reach bilateral agreements that allow us to work effectively in the framework of the WTO”.
The WTO Appellate Body is now composed of three judges, the second and final terms of two of them expire on December 10.
In this regard at the beginning of October, the European Trade Commissioner , Cecilia Malmström, warned that the WTO arbitration panel could finish its work by mid-December.
However, during the recent meeting of the Dispute Settlement Body of the WTO, the United States again rejected the proposal of 116 members of the body, who called for the selection of new judges.
The process has been blocked for more than two years.
The World Trade Organization (WTO) created an arbitration group on its discretion with Russia over its discrepancies with Russia on additional tariffs on a series of US goods, a source close to the negotiations said.
“The dispute settlement body [of the WTO] for the second US request agreed to create a panel for settlement of additional tariffs introduced by Russia on certain imports from the US in response to US tariffs on steel and aluminum imports,” he said.