Ethiopia has been attentively undertaking preparations to expedite the implementation of the African Continental Free Trade Area (AfCFTA) as its contribution to the overall economic development of the country is immense, Ministry of Trade and Regional Integration said.
Ministry of Trade and Regional Integration has launched today a two-day national awareness campaign with a view to enhance the commitment of all stakeholders towards the accelerated implementation of AfCFTA, which is the world’s largest free trade area bringing together the 55 countries of the African Union with a combined GDP of approximately 3.4 trillion USD.
Speaking on the occasion, State Minister of Trade and Regional Integration, Kassahun Gofe said AFCFTA would bring widen market destinations and related business opportunities for the signing member countries including Ethiopia.
According to him, the two day consultation is part of the preparations in order to enable Ethiopia get ready to exploit this huge market opportunity and other related benefits.
The national awareness campaign also discusses issues about the challenges that might encounter during the implementation of AfCFTA and possible solutions to address the challenges.
Representative of the Executive Officer of the Ministry of International and Regional Trade Relations Tages Mulugeta on his part said AfCFTA will enable African countries to widen market destination for their products in reaching the huge community with big market potential.
Even if Ethiopia’s export has been focused on agricultural products, AfCFTA would enable Ethiopia increase both diversity and quantity of exports, he underscored.
Indicating Ethiopia has been carrying out preparations to engage into AfCFT, he said, following the policy the direction is set and the types of goods and services to be offered are ratified, Ethiopia will commence the implementation of AfCFT.
Noting that 70 percent of Ethiopia’s trade exchange is out of African countries due to various factors, he pointed out, the implementation AfCFTA would change the situation.
He further elaborated beyond widening the market destination; AFCFTA can also play a pivotal role in increasing FDI flow mong African countries. This will result in creating wide job opportunities.
Source: Ethiopian News Agency