Ethiopia's exports to Europe have grown at an annual rate of six percent over recent years under the European Union's 'Everything But Arms' (EBA) agreement, according to the EU Ambassador to Ethiopia.

The achievement was highlighted at a forum organized by the EU Chamber in Ethiopia, where two policy briefs on forex disbursement and customs administration were announced to enhance Ethiopia's business climate. The EU Ambassador emphasized Ethiopia's significant role in the European market and efficient use of the EBA, offering zero percent customs duties and no quantitative restrictions. The country's exports under the EBA have grown at an average of six percent annually, reaching approximately Birr 140 billion over the last five years, with a remarkable 47 percent increase last year.

European companies' investments in Ethiopia have totaled 2.5 billion euros over the last decade, creating over 115,000 direct jobs for Ethiopians. The EU Chamber also launched an Investors' Guide to Ethiopia's business environment, providing essential details for potential investors, and announced upcoming policy briefs on taxation and access to land.

Source (including image): The Ethiopian Herald