The Addis Ababa Chamber of Commerce and Sectoral Associations and China’s International Export Promotion Bureau have signed a memorandum of understanding aimed at strengthening trade and investment cooperation between Ethiopia and China.

The agreement follows China’s move to provide zero tariff market access opportunities to African countries and is expected to help Ethiopian producers gain greater access to the Chinese market.

Under the memorandum, the two institutions will cooperate to promote trade and investment and create stronger links between Ethiopian businesses and Chinese buyers and investors.

The Addis Chamber said the agreement is also intended to contribute to narrowing Ethiopia’s trade imbalance with China, which remains heavily in China’s favour. The Chamber said it is working to expand Ethiopian exports and improve the participation of local manufacturers and exporters in the Chinese market.

The memorandum was signed on behalf of the Addis Chamber by Secretary General Zekarias Assefa.

The agreement follows the Ethio-China Business Conference and business to business meetings jointly organised by the two institutions at the Sheraton Addis in Addis Ababa.

During the forum, member companies of the Addis Chamber signed trade agreements valued at more than USD 340 million, covering potential exports and commercial transactions between businesses from the two countries.

The latest cooperation agreement comes as economic ties between Ethiopia and China continue to expand. According to information presented in connection with the agreement, bilateral trade between the two countries has reached more than USD 8.5 billion.

The Chamber expects the new partnership to facilitate business connections, expand export opportunities and support Ethiopian companies seeking to enter China’s large consumer market.

Source: Sheger FM 102.1