Addis Ababa Chamber Discusses Business Readiness for AfCFTA

Addis Ababa May 7/2024 (ENA) The Addis Ababa Chamber of Commerce and Sectorial Associations, a leading voice for Ethiopian businesses,stressed the vitality of collaboration between the private sector, government, and other actors for the successful implementation of the African Continental Free Trade Area agreement (AfCFTA).  

The agreement is believed to reshape African economies by creating a single, continent-wide market for goods and services, business and investment. 

AfCFTA, that connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at  3.4 trillion USD, will create the largest free trade area in the world.  

The Addis Ababa Chamber of Commerce and Sectorial Associations hosted a panel discussion today under the theme “AfCFTA and Business Readiness in Ethiopia.”

The event brought together industry representatives to assess the preparedness of Ethiopian businesses, identify challenges, and explore opportunities presented by the free trade agreement.

Addis Ababa Chamber of Commerce and Sectorial Associations, President Mesenbet Shenkute underscored the critical role of a unified approach. 

Effective implementation of AfCFTA requires enhanced readiness from both the private sector and the government, she stated. 

“By working together, we can transform the challenges and opportunities presented by AfCFTA into a driving force for economic benefit of our people and nation.”

The president highlighted the importance of businesses focusing on quality production and service delivery to compete effectively in the expanded African market. 

"AfCFTA presents a tremendous market opportunity," she stressed, "and Ethiopian businesses stand to gain significantly by participating actively."

Tages Mulugeta, Lead Executive for International and Regional Trade Integration at the Ministry of Trade and Regional Integration, on his part emphasized on the need for collaboration. 

"Capacity building, raising awareness, fostering networking, and establishing strong partnerships are crucial for businesses to capitalize on the benefits of AfCFTA," he said.

Tages further stressed the Ministry's commitment to facilitating effective AfCFTA implementation.

"We are actively working to create a favorable business environment that empowers the private sector to play a leading role." 

The AfCFTA, with its potential to create a continental market of 1.3 billion people and a combined GDP of 3.4 trillion USD, presents a significant opportunity for Ethiopian businesses, it was indicated.  

The Addis Ababa Chamber of Commerce and Sectorial Associations, along with the Ethiopian government, are taking proactive steps to ensure Ethiopian businesses are well-positioned to seize this historic opportunity.

Addis Ababa Chamber of Commerce and Sectorial Associations has 7,000 members.