ADDIS ABABA– The initial implementation of the African Free Trade Zone (AFTZ) has brought promising results amidst several challenges including the COVID-19 pandemic, the United Nations Economic Commission for Africa (UNECA) said.
UNECA African Trade Policy Center Director General Prof. Melaku Geboye,who has done extensive research on the issue, told local media that the AFTZinitial implementation has been largely successful amidst tenacious hurdles.
Studies have been made regarding problems that the AFTZ has encountered in the current processes and its future directions that would help to expedite the implementation process.
According to him, the 37thOrdinary Session of the Assembly of the AU that was held last week in Addis Ababa was instrumental for the AFTZ whereby the leaders approved additional laws that would expedite the implementation of the continent-wide agreement.
“During the assembly, the leaders approved two documents on modern digital business and women and youth and though it is encouraging, such measures are not enough. Moreover, the documents’ effectiveness is only measured by the business opportunities they would bring to the continent.”
The researcher further highlighted that 54 of the 55 member countries of the African Union have signed the AFTZ while 47 states including Ethiopia, have ratified the agreement. “Owing to its ratification of AFTZ, the obligations and rights created by the agreement have become part of Ethiopia’s law and the measure demonstrates the country’s commitment to forge robust business ties with the rest of Africa.”
The steps Ethiopia has taken from the inception to the implementation of the AFTZ have opened a new chapter inits long history. The continental accordrequired the ratification of 22 countries and Ethiopia was one of the first signatories.
“In the future, it is necessary to speed up trade ties and holistic development by implementing the continental plan and agreement in an appropriate way, Prof. Melaku recommended.
It is to be recalled that African leaders approved the competition policy, investment policy and intellectual property documents last year.
BY ESSEYE MENGISTE
THE ETHIOPIAN HERALD FRIDAY 23 FEBRUARY 2024
