The Ministry of Trade and Regional Integration announced that the participation of the private sector is crucial for Ethiopia to benefit more from the African Continental Free Trade Area Agreement.
It was indicated that Ethiopia has recently completed its preparatory work to implement the African Continental Free Trade Area Agreement.
State Minister for Trade and Regional Integration Yasmin Wohabrebbi stated that the Free Trade Area Agreement aims to accelerate Africa's economic independence, realize shared prosperity, and foster strong regional economic integration.
She stated that Ethiopia has made adequate preparations for the implementation of the African Free Trade Area Agreement since it signed the accord.
She mentioned that a National Implementing Committee has been established and has begun its work, including the recent tariff amendment approved by the Council of Ministers.
She added that countries are expected to issue and implement conducive policies, starting from tariff reductions, to realize Africa's free trade connectivity.
She noted that Ethiopia is achieving better production and productivity, which will enable it to utilize this vast market opportunity.
She specifically emphasized that private sector participation is vital for further strengthening the productivity being observed, particularly in the agricultural and manufacturing sectors.
The State Minister stated that ongoing efforts to make Ethiopia competitive in the African and global markets will continue to be strengthened, and she highlighted the significant and productive role of the macroeconomic reform in this sector.
African countries signed the African Continental Free Trade Area Agreement at the African Union Heads of State and Government Summit held in Kigali, Rwanda, in 2018, ENA reported.
Since signing the agreement, Ethiopia has been undertaking extensive preparatory work to utilize the vast African free trade opportunity.