Africa-Press – Ethiopia. The engagement of private sector could play a critical role for Ethiopia’s optimum gains from the African Continental Free Trade Area (AfCFTA), according to Ministry of Trade and Regional Integration.
State Minister Yasmine Wehabrebi explained to ENA that the preparatory work that Ethiopia needed to do has already completed and now the country stands ready to enforce the agreement.
The state minister said the AfCFTA will promote economic liberalization in Africa, promote shared prosperity, and increases regional economic integration.
She also added that Ethiopia has taken significant progress since signing the deal, including the establishment of a national implementation committee and recently approval of tariff reforms by the council of ministers.
The reforms form part of broader policy initiatives designed to integrate Ethiopia into the regional free trade regime, Yasmine added.
Private sector engagement is central to sustaining and consolidating these achievements, she stressed, she underscored.
Efforts towards making Ethiopia competitive in the regional and global markets will continue, the state minister emphasized, stating that ongoing macroeconomic reforms are contributing to enhancing the economic base of the country.
As the AfCFTA was signed at the African Union Summit in Kigali, Rwanda, in 2010, since then Ethiopia has been working aggressively on preparatory work to utilize its membership and reap the advantages of the continental trade initiative to the best of its abilities, she noted.
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