BY MENGISTEAB TESHOME
Of late, tariff free trade launch program was held at Bole Lemi Industrial Park for investors engaged in industrial parks to supply their products to the UK tariff-free market, according to Industrial Parks Development Corporation (IPDC).
The inauguration program was held to allow manufacturers from developing countries to supply their products to the UK market tariff-free.
IPDC officials confirmed that the Tariff Free Trade launch program was held at Bole Lemi Industrial Park for investors engaged in industrial parks to supply their products to the UK tariff-free market. This initiative is believed to supporting manufacturers from developing countries to supply their products to the UK market tariff-free.
The program will start in 65 countries of the world, including 37 African countries. This will provide a significant boost to the economies of these countries and help to create jobs and improve livelihoods. The presence of Nigel Huddleston of the United Kingdom Ministry of Commerce at the opening of the program also shows the commitment of the UK government to supporting trade and investment with developing countries.
The Tariff Free Trade launch program is part of the UK’s efforts to support trade and investment with developing countries, particularly in Africa. The program aims to help manufacturers from developing countries to access the UK market on preferential terms, by eliminating tariffs that would otherwise make their products less competitive. This is expected to boost exports from developing countries, create jobs, and support economic growth.
According to documents, the program is part of the UK’s Generalized Scheme of Preferences (GSP), which provides preferential tariff treatment for goods imported from developing countries. The GSP is designed to support economic development in these countries by providing them with improved access to developed country markets.
Overall, the Tariff Free Trade launch program is an important initiative that will help to support trade and investment between the UK and developing countries, particularly in Africa. It is an example of how trade can be used as a tool for economic development and poverty reduction, and it is hoped that it will have a positive impact on the livelihoods of people in these countries.
The program is particularly important for developing countries that are heavily reliant on exports, as it allows them to access the UK market on preferential terms. This is expected to create new opportunities for businesses and boost economic growth, which could help to reduce poverty and improve livelihoods.
In addition, the program is part of the UK’s efforts to promote sustainable trade and development in Africa. By supporting the development of industries in countries like Ethiopia, the UK is helping to build more diversified and resilient economies, which can withstand external shocks and support long-term growth.
One of the key benefits of the program is that it will help to create new jobs in developing countries. As businesses in these countries become more competitive in the UK market, they are likely to expand their production and hire more workers. This could have a multiplier effect, as increased employment leads to higher incomes and increased demand for goods and services.
Another potential benefit of the program is that it could help to promote greater regional integration and cooperation in Africa. As more countries in the region participate in the program, they are likely to develop stronger economic ties with each other, which could help to improve trade flows and reduce barriers to investment.
Overall, the Tariff Free Trade launch program has the potential to be a significant driver of economic development and poverty reduction in developing countries, particularly in Africa. By providing more opportunities for businesses to export to the UK market, the program is helping to build more inclusive and sustainable economies that can support long-term growth and development.
Speaking on the occasion, Nigel Huddleston of the United Kingdom Ministry of Commerce, who was present at the opening of the program, said that the trade program for developing countries will start in 65 countries of the world and 37 of which are African countries.
He added that it will help the manufacturers engaged in the production of garment, textiles and other manufacturing sectors in Ethiopia to supply their products to the UK market tariff free.
Ensuring that the benefits of the Tariff Free Trade launch program reach the intended beneficiaries in developing countries is an important consideration.
The program can provide capacity building support to businesses in developing countries, including training and technical assistance, to help them take advantage of the opportunities provided by the program. This can help to ensure that businesses are able to produce high-quality goods that meet the standards required for export to the UK market.
The program should be inclusive and accessible to businesses of all sizes, including small and medium-sized enterprises (SMEs), which are often the backbone of developing countries’ economies. This can help to ensure that the benefits of the program are spread more widely and that smaller businesses are not left behind.
The program should be monitored and evaluated regularly to assess its impact and ensure that the benefits are reaching the intended beneficiaries. This can help to identify any issues or challenges that need to be addressed, and to make adjustments to the program as needed.
The program can collaborate with other stakeholders, including local governments, civil society organizations, and international development partners to ensure that the benefits of the program are maximized and that the intended beneficiaries are reached.
By adopting these measures, the Tariff Free Trade launch program can help to ensure that the benefits of the program reach the intended beneficiaries in developing countries, and that the program is effective in promoting sustainable economic development and poverty reduction.
CEO of IPDC, Aklilu Tadesse, for his part said that the corporation has been searching for market options in cooperation with other stakeholders to address the market problems faced by investors working in industrial parks in connection with the cancellation of Ethiopia from AGOA.
This opportunity is a demonstration of the results of the work done to facilitate a comfortable environment for investors to continue with their engagement and also get other market destinations which are in the process, he concluded.
The launch of the program at Bole Lemi Industrial Park is significant because it is one of Ethiopia’s largest industrial parks, with over 20,000 employees and over 30 international companies operating in the park. The park produces a range of products, including textiles, leather goods, and pharmaceuticals, among others. With the elimination of tariffs, these products will now be more competitive in the UK market, which should increase demand for them and help to boost exports from Ethiopia.
CEO of IPDC, AkliluTadesse and Nigel Huddleston of the United Kingdom Ministry of Commerce
The Ethiopian Herald 22 June 2023
