Sinopia News Top

Ethiopia, Sudan to Establish Free Trade Zone

Ethiopia and Sudan are working to establish free trade zone which will be beneficial for both, Fana Broadcasting Corporate reported.

Dr. Debretsion Gebremichael, Deputy Prime Minister for Finance and Economic Cluster and Minister of Communication and Information Technology at a press conference held on November 23, 2015, in Addis Ababa said Ethiopia and Sudan have agreed to establish a free trade zone.

To undertake a study on the ways of implementing the agreement within the next three months, a joint Committee has been formed.

The Committee is responsible on how the Commercial Bank of Ethiopia (CBE) will open its office in Sudan and the Sudanese banks in Ethiopia and ways of fulfilling the gap on the use of currency among others.

Thus far, both countries have signed 12 agreements to cooperate in trade, investment, federal and regional levels, sale of electricity, customs, youth, sport, banks and other areas.

Currently, 513 Sudanese companies with a combined 37 billion Birr capital are engaged in different investment sectors in Ethiopia.

Source: Fana Broadcasting Corporate