Ethiopia’s recent economic reform measure expedites its push for WTO membership

Addis Ababa, August 27, 2024 (FBC) – Ethiopia’s full implementation of economic reform policy measures would expedite its effort for accession of World Trade Organization (WTO), Trade and Regional Integration Minister Kassahun Gofe said.

The minister made the remark today at a panel discussion held between pertinent government entities and the private sectors to discuss on challenges of domestic investors in Ethiopia.

The participants exchanged views on challenges and opportunities that arise with the opening up of the market following the economic reform measures being undertaken by the government of Ethiopia.

The minister emphasized most importantly that Ethiopia’s immense economic potential will enable the private sector to be more innovative, productive and competitive in the international market.

Moreover, the economic reform measures will play pivotal role to further advance Ethiopia’s WTO accession efforts which would bring more opportunities for the private sectors to access international markets, the minister emphasized.

Hence, the ministry has been taking comprehensive economic measures that will bring lots of opportunities for private sectors, he noted; stressing that Ethiopia at some extent  has arrived at consensus on major issues of the negotiation to join WTO.

Kassahun also mentioned about African Continental Free Trade (AfCFTA) as a good instrument to engage the private sector across the continent, revealing that AfCFTA will soon start trial trade.

According to the minister, the full implementation of economic reform is the way for Ethiopia to further integrate its economy across the globe, which is vital to promote national development.

Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) Vice President Aynalem Abayneh on his part reiterated that the private sectors are engines of the economic that contribute the lions share in the overall economic development of the country.

Hence, beyond production, the vice president urged the private sectors to actively engage in innovation by enhancing their technological capabilities to cope up with the challenges that may arise with the coming up of the reform measures.

Zemedeneh Ngatu, an economist, on his part said that the economic reform being undertaken in Ethiopia is an encouraging measure to bring about a vibrant economy by transforming the private sectors in the long run, as called by ENA.