Somalia joins AfCFTA as 50th ratifying country
Minister of Commerce and Industry Gamal Mohamed Hassan submitted the instrument after approval by Parliament and presidential assent from President Hassan Sheikh Mohamud.
The Ministry of Commerce and Industry, Somalia said in a statement that the ratification completes the country’s domestic legal requirements and gives Somalia access to a continental market of more than 1.4 billion consumers.
Somalia has deposited its AfCFTA ratification with the African Union, becoming the 50th country to ratify the pact.
The move gives Somali enterprises access to a continental market of more than 1.4 billion consumers.
A National Coordination Office will steer domestic implementation as firms prepare for regional value-chain participation.
The ministry said, “Somalia’s participation in the AfCFTA will create greater opportunities for local enterprises to access continental markets, attract foreign investment, diversify exports and participate effectively in regional value chains, supporting the country’s broader economic development.”
The government said it has established a National Coordination Office to lead and co-ordinate domestic implementation of the agreement.
The AfCFTA aims to boost intra-African trade by lowering trade barriers and creating a unified framework for the movement of goods and services across the continent.
The AfCFTA Secretariat congratulated Somalia on joining the free trade area and said it looks forward to supporting the country’s implementation efforts. It said, “This milestone reaffirms Somalia’s commitment to Africa’s economic integration and strengthens our collective efforts to build one African market.”
Somalia’s focus now shifts to the practical steps required for Somali businesses and products to participate actively in the continental market.
Fibre2Fashion News Desk (CG)
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