Africa: AfCFTA – Ethiopia to Commence Trial Trading Commodities

Ethiopia is set to commence trial trading of commodities under the African Continental Free Trade Area (AfCFTA), Ministry of Trade and Regional Integration (MoTRI) announced.

In an interview with FBC, MoTRI Minister GebremeskelChala said that Ethiopia has made the necessary preparations put in place the trial trading phase and implement the framework agreement through streamlined strategies.

“Alike other African member countries, Ethiopia is currently employing preliminary activities to commence commodities trial exchange of goods with selected counterpart countries,” he underscored.

He further mentioned that the Ministry has also projected to nullify 90% import taxes of agricultural and industrial products within ten years.

Similarly, some 7% of goods are also approved to be nullified in the long term and other 3% strategic items exempted from the list that is believed to give policy space for the given nation framed as per the common framework agreement, the Minister noted.

Thus, the country has approved 90% of commodity tariffs for 6,000goodsto the African Free Trade Zone, he further remarked.

When this trade agreement framework is effectuated in full swing, it would become world’s leading free trade zone that realizes the African Union’s Agenda 2063 goal of becoming economically vibrant and influential continent, it was learnt.

It is to be recalled that the leader of the African Union member states has recently endorsed Ethiopia’s tariff line poised to exchange goods within the AfCFTA.

By Ethiopian Herald.