Ethiopia aims to harness African Free Trade Area to transform its economy

The Ethiopian government has announced its intention to actively leverage the African Continental Free Trade Area (AfCFTA) agreement to drive economic growth and address the country's trade deficit. This is reported by ENA, a partner of TV BRICS.

The statement was made by Ethiopian Minister of Trade and Regional Integration Kassahun Gofe, during a meeting held on Friday to validate the country’s national AfCFTA implementation strategy. The event was jointly organised with the United Nations Economic Commission for Africa (UNECA).

According to the Minister, the agreement offers significant prospects for Ethiopia and other African nations by enabling the diversification of economic partnerships and promoting intra-continental trade.

"The strategy encompasses bold macroeconomic and structural reforms aimed at enhancing resilience, encouraging private sector-led development, and modernising our economy in accordance with global best practices," he said.

The ministry noted that the Ethiopian government is taking steps to open up the national economy in order to fully capitalise on the opportunities presented by intra-African trade under the AfCFTA framework.

The AfCFTA is a flagship initiative under the African Union’s Agenda 2063 and is set to become the world’s largest free trade area by number of participating countries. Since coming into force in 2019, the agreement has been ratified by 47 African states, including Ethiopia.