Addis Ababa, November 24, 2024 (FBC) – Ethiopia is scaling up efforts for the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement, State Minister of Trade and Regional Integration, Yasmin Wohabrebbi stated.
Yasmin noted that the ongoing Ethiopia’s macroeconomic reform in particular, is creating an enabling environment to implement and benefit from the AfCFTA agreement.
Ratifying the AfCFTA in 2019 and as part of Ethiopia’s effort in domesticating the Agreement, the country has been developing its national AfCFTA implementation strategy.
This strategy comprises key sectors where the East African nation can gain a competitive advantage under the AfCFTA and integrate its economy into regional and global value chains.
Ethiopia has been undertaking notable economic reforms including the financial sector, telecom, and opening up of the import and export trade sector, among others which are instrumental to enhancing trade integration, the State Minister pointed out.
The government is advancing the AfCFTA agreement implementation process through various initiatives and promoting agreement domestication through capacity-building and creating awareness among pertinent stakeholders.
The comprehensive economic reform that Ethiopia has been undertaking is a massive boost to improve the economic climate in Ethiopia, Yasmin underscored.
The recently launched macroeconomic reform is critical to boost the trade sector in particular, she revealed.
Reaffirming that the reform will transform Ethiopia’s participation in various regions in a more meaningful manner, she said all necessary preparations are underway to ensure the nation’s benefit from the AfCFTA agreement.
The macroeconomic reform is creating an enabling environment to execute and benefit from the continental free trade area agreement, she said, adding the reform is revitalizing the export trade of the nation.
The development of Ethiopia’s Implementation Strategy for AfCFTA is also one of the most important milestones in the implementation of the agreement which is believed to be pivotal not only for its own economic development but also for advancing regional integration and prosperity across Africa, it was indicated.
The strategy is pivotal to outline priority actions and strategies for the short, medium, and long term.
The state minister noted that Ethiopia has been actively participating in the realization of the African Continental Free Trade Area agreement since its inception as the agreement has reached a significant stage at the moment.
She also stressed the need for fully implementing this transformative African Continental Free Trade Area agreement which is crucial for realizing economic integration of the continent.
Ethiopia is well positioned to benefit from the AfCFTA agreement as the country is the gateway for all the African countries and also for other countries across the world.
AfCFTA aims at accelerating intra-African trade and boosting Africa’s Trade position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations, as called by local news agency ENA.
It is one of the Flagship Projects of Agenda 2063 Africa’s development framework, which aims at accelerating intra-African trade and boosting Africa’s trading position in the global market.