Addis Ababa ENA July 12/2019Ethiopia has agreed to liberalize 90 percent of its tariff for members of African Continental Free Trade Agreement (AfCFTA), Ministry of Foreign Affairs disclosed today.
Briefing journalists today, State Minister of Foreign Affairs Hirut Zemene said Ethiopia agreed to scale back 90 percent of tariffs for members of AfCFTA within the next 15 years.
The tariff liberalization considers the existing conditions and keeps the national economic advantage of the country, she added.
Hirut stated that Ethiopia reached this decision after two years negotiations.
The tariff liberalization for the member states will be based on law and regulation, it was learned.
Ambassador Woinshet Tadesse, Permanent Representative to the African Union said on her part AfCFTA helps Ethiopia to develop industries which create jobs for the unemployed and stabilize the market for consumers.
It also helps to create strong industries in Africa that can even compete in the international markets, she added.
According to her, AfCFTA will create economic integration and social solidarity among member states.
Accordingly, the tariff liberalization in member states of AfCFTA will be started from July 1, 2020 onwards.