Ethiopia submitted “instruments of ratification” of the Africa Continental Free Trade Agreement to AUC Chairperson Moussa Faki Mahamat as the 19th member country.
After depositing the instrument with Mahamat on Wednesday , Senior Advisor to the Prime Minister and Chief Trade Negotiator Mamo Mhretu told journalists that depositing the ratification instrument and becoming a founder member is crucial as it makes one decider rather than agenda receiver.
The agreement is above all essential to create huge market, increase investment flow between Ethiopia and other member countries, among others, he added.
Trade and Industry Commissioner at AU, Albert Muchanga said only countries that have signed and ratified the agreement will enjoy duty free access from products of one an others territory.
Those who are outside of the agreement are not going to benefit from the privileges, he pointed out.
Now, 19 countries that have received parliamentary approval have deposited their instruments of ratification (usually a diplomatic letter confirming ratification of the Agreement) with the depositary.
The countries that have deposited their instruments of AfCFTA ratification with the chairperson so far are Ghana, Kenya, Rwanda, Niger, Chad, Congo Republic, Djibouti, Guinea, eSwatini (former Swaziland), Mali, Mauritania, Namibia, South Africa, Uganda, Côte d’Ivoire, Senegal, Togo, Egypt, and Ethiopia.
The AfCFTA agreement will enter into force after 22 countries submit instruments of ratification to the Chairperson of the African Union Commission (AUC).
MG/abj/APA