The Ministry of Justice disclosed that the Commercial Code of Ethiopia is under revision due to its incompatibility with the constitution and the economic and social realities of the country, Ethiopian News Agency reported.

Mr. Getachew Ambaye, Minister of Justice, spoke at a panel discussion held on the revised commercial code stating that the present code had been in use since 1952 and that it should be compatible with changes. According to him, the main reason for revising the current commercial code is to realize the policies and strategies of Ethiopia while realizing free market. The exiting code lacks these qualities hence need to be amended urgently.

The minister noted that such rules and regulations had huge significance for the nation’s ambition to join the World Trade Organization (WTO).

Mr. Getachew further added that the revised code had five basic books on business community and business centers, business associations, transportation and insurance, banking and check uses and bankruptcy.

The discussions held with experts, stakeholders, government and other concerned bodies would contribute significantly to the enrichment of the code.

Source: Ethiopian News Agency