Moscow: SiltaNews – News Desk
Ethiopia’s accession to the African Continental Free Trade Area (AfCFTA) will create new opportunities for local entrepreneurs and contribute to the inflow of foreign investment. This was stated by Secretary General of the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) Kenenisa Lemi in an interview with ENA, a partner of TV BRICS.
According to him, AfCFTA provides Ethiopian traders with access to the entire continental market by removing tariff and non-tariff barriers. Free competition within the zone is expected to encourage local businesses to improve product quality and introduce modern operating methods. In addition, Ethiopian entrepreneurs will be able to learn from colleagues in other African countries.
The alignment of Ethiopia’s trade legislation with continental regulations creates predictable conditions for doing business. As the head of ECCSA noted, this makes the country more attractive to foreign investors, which in the long term will lead to the creation of new jobs.
At present, Ethiopia is focused on the practical implementation of protocols on trade in goods. Trade relations have already been launched with South Africa and Kenya. Africa’s population exceeds 1.57 billion people, and the continent’s combined GDP amounts to more than US$3.4 trillion. In addition to trade in goods, AfCFTA includes protocols on trade in services and the free movement of people.
To ensure that Ethiopian traders can fully benefit from the free trade area and enhance their competitiveness in international markets, ECCSA conducts training programmes for them. Earlier it was reported that Ethiopia had begun exports within the AfCFTA framework. The first shipment, meat, fruit, and other agricultural products, was sent to Somalia, Kenya, and South Africa by both land and air routes.