Addis Ababa, April 17, 2024 (FBC) – Ethiopia is on an assertive path to secure its membership in the World Trade Organization (WTO) by 2026, Rio Times said in an article published yesterday.
This journey, starting in 2003, encountered a pause in 2012 due to various issues, but, since the initiative was revitalized under the leadership of Prime Minister Abiy Ahmed’s administration, Ethiopia is demonstrating a strong commitment to global economic integration, according to Rio Times.
The government has undertaken substantial economic liberalization, opening previously state-dominated sectors to foreign investment.
The telecommunications industry has opened up, allowing global giants like Safaricom to establish a presence.
The banking sector is also transitioning, with policies set in 2020 to facilitate foreign bank operations within the country.
Recently, Ethiopian delegation met and discussed with the Minister for London and State Minister for Trade Policy of the UK, Gregory William Hands, and Ethiopia’s WTO accession Working Party Chair and Deputy Ambassador of the UK to Geneva, Ambassador Rebecca Fisher Lamb.
UK Ambassador Rebecca Fisher Lamb is optimistic about completing the accession by the end of her term in 2024.
Ethiopia’s aggressive drive toward WTO membership signifies a strategic shift toward more market-driven reforms and an open investment environment.
This move is essential for its sustainable development and integration into the global economy.