Ethiopia, Somalia vow commitment to strengthen bilateral trade ties

Addis Ababa, March 16, 2022 (FBC) – State Minister of Trade and Regional Integration of Ethiopia Denge Boru and Minister of Commerce and Industry of The Federal Republic of Somalia Khalif Abdi Omar formally launched trade negotiations between Somalia and Ethiopia.

The Ministers noted the importance that negotiations consider the views of business, industry, and other stakeholders, and decided to start consultations on strengthening the trade relations of both countries.

The Federal Democratic Republic of Ethiopia and The Federal Government of Somalia seek to start negotiation on Cross- Border Trade Agreement with the aim of benefiting the people across the border of the two countries and reducing the informal cross border trade.

The two ministries have also discussed and reached in consensus to negotiate and then sign a bilateral trade agreement that will complement within the regional integration efforts including COMESA and African Continental Free Trade Area (AfCFTA).

Both Ministers have agreed to establish a joint trade committee that will facilitate conditions to further strengthening the two countries trade relation and increasing trade volume. The ministers pointed out the prioritized activities that promote the linkage between the business societies and encourage trade exchanges of the two countries.

Accordingly, the ministers agreed to facilitate organizing business forums, expert exchanges and experience sharing programs. Both have proved their high commitment to a successful outcome that makes workers, farmers, and Business People in both countries more prosperous.