Ethiopia Advances Towards World Trade Organization Membership
Addis Ababa — Ethiopia is on the brink of becoming a member of the World Trade Organization (WTO), according to Trade and Regional Integration Minister, Kassahun Gofe. This announcement comes on the heels of a successful 6th Working Party meeting focused on the country’s accession process.
Significant Milestone Achieved
In a recent press briefing, Kassahun shared that the completion of the 6th Working Party meeting signals a crucial step in Ethiopia’s long journey toward global economic integration through WTO membership. He characterized this development as a historic milestone that reflects ongoing progress.
Closer Than Ever to Membership
The Minister emphasized that the outcomes of the latest meeting indicate that Ethiopia is closer than ever to finalizing its WTO membership. This progress comes after 23 years of negotiations, showcasing strong forward momentum in the country’s trade initiatives.
Key Accomplishments in Negotiations
During the 6th Working Party meeting, significant steps were taken, including the compilation of a draft working party report. Ethiopia actively participated in bilateral negotiations with 18 countries, successfully completing negotiations with 6 of them thus far.
Implications for Economic Growth
Kassahun highlighted that Ethiopia, recognized as one of Africa’s fastest-growing economies, first initiated its bid for WTO membership in 2003. The Minister expressed confidence that joining the WTO would provide Ethiopia with broader access to global markets, attract foreign investment, and facilitate ongoing economic reforms by aligning its trade laws with international standards.
Strengthening Global Trade Position
This latest advancement in the accession process not only strengthens Ethiopia’s position within the global trading community but also brings the nation one step closer to realizing the economic benefits associated with full WTO integration.
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Conclusion
As Ethiopia navigates through this crucial phase of its WTO accession, the nation stands poised to leverage improved trade opportunities and foster a more robust economic environment. With continuous efforts and negotiations, the goal of achieving full WTO membership is within reach, promising significant economic advancements for the country.
