ADDIS ABABA – The recent macroeconomic reform and revised trade policy would enable Ethiopia generate increased export earnings, Ministry of Trade and Regional Integration (MoTRI) stated.
MoTRI State Minister Yasmin Wohabrebbi expressed that recent macroeconomic reforms and revised trade policy implemented by the Ethiopian government are expected to boost the country’s export earnings, as they are designed to enhance the competitiveness of Ethiopian exporters in global markets and seize new economic opportunities.
She told journalists yesterday that the homegrown macroeconomic reform will boom the nation’s export volume of oilseeds, pulses and other agricultural products.
The ministry is encouraging exporters to export additional volumes of agricultural products as the government is effectuating the homegrown macroeconomic reform to solve trade bottlenecks to bring structural transformation, she stated.
To increase foreign exchange earnings, Yasmin said that the country should properly utilize the opportunities that the African Continental Free Trade Area (AfCFTA) holds.
Ethiopia would also increase trade exchange through the intra-African trade with neighboring nations like Kenya, thereby accelerating business activities and investment flows, which are significant to connect the continent. “On the other hand, the country will continue the negotiation secure World Trade Organizations (WTO) membership so as to actively participate in the international trade,” the State Minister expressed.
Joining WTO, increases Ethiopia’s investment attraction and its role in the continental and global economies. According to Yasmin, such a measure requires to improve foreign currency earnings through increasing the export of value added products.
Ethiopian Pulses, Oilseeds, and Spices Processors and Exporters Association (EPOSEA) President, Edao Abdi stated that the association is highly contributing to improve country’s advantages from volumes of pulses and oilseeds product exports.
According to the President, the policy intervention on trade is timely as it helps to promote export competitiveness in the world market.
“The government should encourage exporters to see some improvement and show exponential growth by creating conducive environment for local exporters specifically engaged in oilseeds and pulses exports,” he said.
In the last five months, the nation earned 2.6 billion USD through exporting agricultural products, with over 200 million USD coming from pulses and oilseeds.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD SATURDAY 21 DECEMBER 2024
