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Tuesday, 09 September 2014

East Africa: Govt ready to join COMESA free market

The government of Ethiopia has finalized preparations to join the Eastern and Southern African Common Market (COMESA) free market area, the Ministry of Trade said.

Trade Relations and Negotiation Director-General at the Ministry Geremew Ayalew said that the country has been searching for markets for the increasing market demand of its industries.

The competence of Ethiopian industries has been growing and the industries are in their stage of producing items meeting international standards, he said.

The rapid and consecutive development of the country and involvement of foreign-based companies which led to technology and knowledge transfer enabled industries build their capability.

The country has been engaged in various dialogues with various countries and entities to meet this increasing demand for market, he added.

The government has been making arrangements, he said, using bilateral agreements, sub-regional free markets like COMESA, and international markets through negotiations with WTO.

The nation has so far signed bilateral trade agreements with 16 African, Asian, European and North American countries.

These agreements are aimed at expanding markets, he noted.

Promoting expansion of trade and economic development, fostering advancement of economic activity, increasing productivity and financial stability; and providing fair conditions of competition for trade between the two countries are the main objectives of agreement.

Source: allafrica.com