Addis Ababa: In an attempt to capitalize on the enormous potential benefits of trade on the continent, Ethiopia is now creating its National African Continental Free Trade Area (AfCFTA) Implementation Strategy.
The AfCFTA, adopted in 2018, represents a historic effort to unite 55 African Union member states with a combined GDP of nearly 3 trillion USD.
This Agreement establishes a legal framework for comprehensive economic integration, aimed at creating a unified African market that fosters the free movement of goods and services, and investment facilitation ultimately strengthening Africa’s trading capacity on a global scale at the time of digital age.
In 2019, Ethiopia ratified the AfCFTA, demonstrating its commitment to this transformative initiative.
As part of its effort in domesticating the Agreement, the country is in the process of developing its national AfCFTA implementation strategy.
This strategy will identify key sectors where Ethiopia can gain a competitive advantage under the AfCFTA and in
tegrate its economy into regional and global value chains.
The strategy prioritizes inclusivity, gender sensitivity, and environmental sustainability, and is essential for enhancing Ethiopia’s readiness to fully harness the benefits of the AfCFTA.
The Ethiopian Ministry of Trade and Regional Integration in collaboration with the Policy Studies Institute organized national consultation forum on the Development of Ethiopia’s AfCFTA implementation strategy, according to Economic Commission for Africa (ECA).
A high-profile forum is set to take place in Addis Ababa on Saturday focusing on raising awareness about the AfCFTA and its implications, engaging in discussions about the roles of various stakeholders in Ethiopia’s AfCFTA journey, and seeking feedback for the National AfCFTA Implementation Strategy.
Government agencies, non-governmental organizations, civil society groups, private sector representatives, and academic institutions are expected to take part at the forum.
This collaborative effort is poise
d to play a pivotal role in advancing Ethiopia’s integration into the African market and driving sustainable economic growth across the continent.
Ethiopia is actively taking transformative steps to unlock the immense potential benefits of the AfCFTA, aligning its economic policies with regional integration goals and creating a path for expanded trade opportunities across Africa.
The consultation will be held with the support from ECA through its African Trade Policy Center.
Source: Ethiopian News Agency