The Addis Ababa Trade & Industry Bureau and the Ministry of Trade announced the drafting a new regulation aimed at regulating the fruit market in the city, Fortune reported. The announcement is made by officials of the Ministry of Trade in a meeting held with stakeholders on Saturday, August 03, 2012 at the Ministry's Headquarters.

The new regulation is aimed at addressing soaring prices of fruit as a result of complex supply chain.

"There will no longer be any so-called 'wholesaler' with no license or store," Ali Siraj, State Minister of the Ministry of Trade said at the meeting.

The Ministry blames brokers for the price disruption in the market.

"Brokers who are adding no value to the products are making the market paradoxical. How can the price be skyrocketing while there is an excess in the supply?" Ali asked at the meeting.

The new regulation is expected to address the price disruption by forcing agents to become wholesalers or exit the market.

Source: Fortune