It goes without saying that the African Continental Free Trade Area (AfCFTA) plays a great role in transforming the African economies towards greater utilization of technology, knowledge that assist the progress of capital flows to African countries. This process brings into being employment opportunities in the region.
It goes without saying that the Africa n Continental Free Trade Area plays a great role in transforming the Africa n economies towards greater utilization of technology, knowledge that assist the progress of capital flows to Africa n countries. This process brings into being employment opportunities in the region.
The director stressed the need to increase not just the value of exports but also the quality of exports."We should add value to our primary commodities and try to produce as much as the goods we import domestically." Purchasing power in terms of investment and consumer spending will also rise. This situation provides African businesses with the opportunity to implement forward-looking business plans that maximize the benefits of AfCFTA. This helps them integrate regionally and globally.
Thus, governments are encouraged to take advantage of the AfCTFA to promote inclusive and structural transformation in African countries to increase the volume of intra-African trade, as stated. "Though establishing common customs is part of the framework of the Continental Free Trade Area Agreement, but it has not yet been implemented," he said.
Apart from the neighboring countries, Tesfaye noted that China has also given a free market opportunity to developing countries including Ethiopia. The China-Ethiopia trade and bilateral economic cooperation has seen a remarkable growth during the past three decades. The Ethiopian News Agency in collaboration with the MoP and Ethiopian Electric Power held a panel discussion on regional peace and stability matters.
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