Ethiopia has agreed to liberalize 90 percent of its tariff for members the of African Continental Free Trade Agreement (AfCFTA), the Ministry of Foreign Affairs announced.
Hirut Zemene, Ethiopian State Minister of Foreign Affairs, said Ethiopia, within the coming 15 years, will scale back 90 percent of tariffs for members of AfCFTA. The State Minister further noted Ethiopia made the decision after negotiations that lasted two years.
Ms. Hirut added existing conditions are well considered in the tariff liberalization, and Ethiopia’s national economic advantage remains maintained.
Woinshet Tadesse (Ambassador), Ethiopia’s Permanent Representative to the African Union, remarked being part of AfCFTA helps Ethiopia develop industries that can create more jobs for the unemployed while stabilizing the market for consumers. She also noted that the move helps create strong industries in Africa, which might even the continent’s competitive edge in the international market. AfCFTA will create economic integration and social solidarity among member states, she pointed out.
The tariff liberalization for AfCFTA member states will commence from July 1, 2020, onwards, it was learned, and it will be based on law and regulation.