ADDIS ABABA – Ethiopia has to seize opportunities the African Continental Free Trade Area (AfCFTA) agreement presents for export trade, according to a top Planning official.
The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.
Experts say it has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
“Strengthening African continental free trade agreement is a great opportunity and an alternative market,” said Fitsum Assefa, Minister of Planning and Development
Fitsum has underlined that it is indispensable to enhance AfCFTA as an immense opportunity to boost trade ties and economic integration in the region.
The Minister said this during a meeting that reviewed a 100 day plan performance of the Ministry of Trade and Regional Integration on Monday.
speaking about the trade ministry’s performance, Fitsum said remarkable achievements are being gained in areas including bilateral trade ties and negotiations, and delivery of import and export services.
The advancement of trade registration and licensing services, price normalization in the trade sector and control of contraband trade are the other areas improvement have been observed, according to the minister.
Fitsum has also stressed on the need to expand destinations for export of goods in the future.