The Ethiopian leadership plans to more actively use the potential of the African Continental Free Trade Area (AfCFTA) to expand the country’s economic opportunities. This was stated by the Minister of Trade and Regional Integration of the Republic, Kassahun Gofe, during a meeting to approve the National Strategy for the Implementation of the AfCFTA, organized jointly with the UN Economic Commission for Africa (ECA).
According to the minister, the free trade agreement opens up new prospects for overcoming the trade deficit and diversifying partnerships. The strategy that the country is developing is integrated with its national development goals.
“The strategy envisages large-scale macroeconomic and structural reforms aimed at increasing sustainability, stimulating private sector-oriented development and modernizing the economy in line with best global practices,” Ethiopian News Agency (ENA) , a partner of the TV BRICS network, reports Gofe as saying .
The agency emphasizes that AfCFTA, the flagship initiative of the African Union’s Agenda 2063, unites 47 countries that have ratified the agreement with a combined GDP of 3.4 trillion US dollars (more than 266.19 trillion rubles) and a population of over 1.4 billion people. The document is aimed at eliminating trade barriers.
According to the UN ECA, the free trade area contributes to the creation of jobs, attracting investment and stimulating economic growth on the continent.
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