House unanimously approves revised commercial Code of Ethiopia

Addis Ababa, March 25, 2021 (FBC) – The House of Peoples Representatives has today unanimously approved the revised long serving commercial code of Ethiopia.

The Commercial Code of Ethiopia has long served for the last 62 years, it is stated.

Provisions of the Commercial Code that posed bottlenecks on the trade system have been amended in a way to create conducive environment for the sector, it is said on the occasion.

FBC staff reporter who attended the session said the revised provisions of the commercial code would address challenges that long hindered Ethiopia from joining the World Tourism Organization.

825 sections have been amended as the revision is only applied to trade issues.

The new law is said to be in commensurate with up-to-date technological advancement, and expected to serve for 30 years to come.

According to the new commercial code, cooperatives can be led by single individual, and a group of people engaged in agriculture and forestry shall not be obliged to be registered into the trade system.

Furthermore, the code is said to be instrumental in facilitating speedy trade license registration and renewal services for customers.