Ethiopia introduces tariff incentive for AfCFTA signatories – Journal du Cameroun

Ethiopia introduces tariff incentive for AfCFTA signatories – Journal du Cameroun

Ethiopia introduces tariff incentive for AfCFTA signatories

Published on 12.07.2019 at 19h21 by APA News

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Ethiopia has agreed to liberalize 90 percent of its tariff for African Union members states which are signatories to the African Continental Free Trade Agreement (AfCFTA), a senior official has disclosed.Briefing journalists on Friday, 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.

The Africa Continental Free Trade Agreement (AfCFTA) came into force in May this year after clearing a key procedural hurdle and being ratified by the parliaments of 24 countries.

So far, 52 countries have signed the agreement. Nigeria, Africa’s largest economy, which refused to sign did in Niamey Niger last weekend.

When fully implemented, the trade deal will create a single market for goods and services by removing existing trade barriers across Africa.

The agreement is expected to boost regional trade by reducing tariffs and allowing companies to expand and enter new markets.

The tariff liberalization for member states will be based on law and regulation, it was learned.

Ambassador Woinshet Tadesse, Permanent Representative to the African Union said on the occassion said AfCFTA helps Ethiopia to develop industries which create jobs for the unemployed and stabilize the market .

“It also helps to create strong industries in Africa that can even compete in the international markets,” she added.

According to the officials, the tariff liberalization by member states of AfCFTA will be started from July 1, 2020 onwards.

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