Latest News

Somali Federal Cabinet approves African free trade

Mogadishu (SD) – The Somali Federal Council of Ministers met in Mogadishu today and ratified the African Free Trade Agreement, submitted to the council by the Ministry of Trade and Industry.

Agreement ratified by 55 African countries stipulates that all signatories to this agreement shall remove trade barriers to goods that cross their borders freely.

The purpose of the AfCFTA is to create a single market for free trade of goods and services, free movement of traders and investors across the continent, to expand trade within Africa through better coordination of trade liberalization, trade facilitation and boosting industrial competition and corporate standards.

In January 2012, the 18th African Union Summit in Addis Ababa, Ethiopia, approved the establishment of the African Free Trade Area (AfCFTA).

Today’s council also discussed the country’s security and the COVID-19 situation, was chaired by the Acting Prime Minister, Mr. Mohamed Mahdi Guled.

Categories: Latest News

Tagged as:

Leave a Reply

Your email address will not be published. Required fields are marked *