ADDIS ABABA, Feb. 8 (Xinhua) -- The effective implementation of the African Continental Free Trade Area (AfCFTA) agreement presents significant market opportunities for Ethiopia in its ambition to harness intra-African trade and penetrate the broader continental market, a senior Ethiopian official has said.

Ethiopian State Minister of Trade and Regional Integration Yasmin Wohabrebbi, speaking at a meeting to review the country's draft national AfCFTA implementation strategy, said that the effective implementation of AfCFTA "offers significant market opportunities for Ethiopia, with the potential to foster industrialization, create abundant jobs and attract investment," according to a statement issued by the Ethiopian Ministry of Trade and Regional Integration late Friday.

The minister said that, as part of Ethiopia's ambition to tap into the largely untapped intra-African market, the successful implementation of the AfCFTA will provide the country's industries and manufacturers with extensive market opportunities while also ensuring access to essential raw materials for Ethiopia's growing manufacturing sector.

She said that the continental free trade pact presents the East African country with opportunities to explore market options across African nations, thereby generating "abundant wealth while also unlocking industrialization."

Wohabrebbi stressed that following the signing and ratification of the accord, it is crucial for Ethiopia to develop a comprehensive national AfCFTA implementation strategy. She said that such a strategy would enable the country to fully leverage the vast market opportunities created by the AfCFTA.

According to the ministry, Ethiopia's draft national AfCFTA implementation strategy encompasses "all aspects of the agreement" and includes a detailed action plan to be executed by key sector institutions. The draft strategy also identifies priority sectors where Ethiopia holds a competitive advantage in production and trade within the AfCFTA framework. Moreover, it outlines future directions for sectors and industries that show promise in integrating the Ethiopian economy into regional and global value chains.

The AfCFTA, a flagship initiative of the African Union's Agenda 2063, aims to create the world's largest free trade area in terms of the number of participating countries. Since its entry into force in 2019, a total of 47 African countries, including Ethiopia, have ratified the AfCFTA. The agreement seeks to boost intra-African trade by eliminating trade barriers, particularly for value-added goods.

With a market comprising 1.4 billion people and a combined gross domestic product of 3.4 trillion U.S. dollars, the AfCFTA has the potential to generate jobs, create regional value chains, attract investment, and stimulate economic development across Africa, according to the UN Economic Commission for Africa. Enditem

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