The
EEC was established with the signing of the treaty of Rome in 1957. This treaty
provided the legal basis for the establishment of the community
EEC was established with the signing of the treaty of Rome in 1957. This treaty
provided the legal basis for the establishment of the community
The
EEC started functioning in 1958. It was formed by the members of continental
EEC started functioning in 1958. It was formed by the members of continental
Europe, consisting of then Western Germany, Italy, Luxembourg, France, Belgium
and Netherland
Subsequently,
other countries such as Ireland, Denmark and the United Kingdom joined the
community. As at 1990, the organization was made up to 12 member nations. Only
recently in early the year i.e about 29th of April, @004 former
Soviet Republics of Latvia, Lithuania, Slovenia and thirteen other eastern bloc
nations joined the European Union. Some of the objectives of the EEC include:
other countries such as Ireland, Denmark and the United Kingdom joined the
community. As at 1990, the organization was made up to 12 member nations. Only
recently in early the year i.e about 29th of April, @004 former
Soviet Republics of Latvia, Lithuania, Slovenia and thirteen other eastern bloc
nations joined the European Union. Some of the objectives of the EEC include:
1.
To promote a cost effective production regime through a higher volume of
output and larger market size
To promote a cost effective production regime through a higher volume of
output and larger market size
2.
To protect member nations market against infiltration by more
competitive products from Japan and USA
To protect member nations market against infiltration by more
competitive products from Japan and USA
3.
To eliminate all discriminations and trade barriers
To eliminate all discriminations and trade barriers
4.
To allow free movement of services, labour, capital and business
enterprises within the member-nations
To allow free movement of services, labour, capital and business
enterprises within the member-nations
5.
To eliminate restrictions to inter country movement of goods and factors
of production
To eliminate restrictions to inter country movement of goods and factors
of production
Contributions
of EEC to Business in Nigeria
of EEC to Business in Nigeria
Ø Nigeria is an associate member of the EEC and as
such, there is market for some Nigerian products such as cocoa bean, palm oil, groundnut oil, plywood,
rubber, etc
such, there is market for some Nigerian products such as cocoa bean, palm oil, groundnut oil, plywood,
rubber, etc
Ø EEC gives Nigeria the opportunity of benefiting
from financial and technical assistance through the European Development Fund
(EDF)
from financial and technical assistance through the European Development Fund
(EDF)
Ø The EEC has helped to ensure a closer link in the
economic activities between Nigeria and the member nations, through elimination
or reduction of tariffs and other forms
of trade restrictions
economic activities between Nigeria and the member nations, through elimination
or reduction of tariffs and other forms
of trade restrictions
