Ethiopia is working to complete its accession to the World Trade Organization (WTO) by next year, Senior Policy Advisor and Chief Trade Negotiator at the Office of the Prime Minister said.

In an exclusive interview with ENA, Senior Policy Advisor and Chief Trade Negotiator Mamo Mihretu revealed that the negotiation toward accession to WTO which started 16 years is making progress.

In a multilateral negotiation held last January with WTO member countries, Ethiopia had examined its trade and investment regime against WTO agreements and requirements.

For the most part the country’s trade regime is consistent with WTO rules and regulations, the senior policy advisor said, adding “we believe that there will not be an important setback for Ethiopia to be part of the multilateral trading system.”

Similarly, significant progress was made during bilateral trade negotiations with 8 member countries in Geneva last January.

“The main issue when it comes to bilateral negotiations is the tariff that we apply in our trading goods and the kind of investment or service sector that we open to foreign investors,” Mamo explained.

Furthermore, he pointed out that the government has made significant progress; and there is a lot of momentum, goodwill, and support from WTO member countries to see Ethiopia complete its accession process.”

“Our goal is to conclude Ethiopia’s WTO accession negotiations in 2021. But that of course very much depends on what we will successfully discuss and conclude bilateral negotiations with the member countries. For us concluding the WTO accession is critical because we consider it an external anchor to our domestic reform effort. Being part of the multilateral trading system is a natural outcome of the domestic economic reform program that the government is currently undertaking,” the chief trade negotiator stressed.

Concluding WTO accession process will create clear, predictable external market access to Ethiopian traders and investors, Mamo stated, adding “WTO, for the most part, will have a very positive impact on the domestic private sector.”

The government is not eliminating tariff on goods coming to Ethiopia, but putting a ceiling to it. “So, most of the private sector will still enjoy the protection that prevails.”

The most sensitive part of the negotiation is the extent of will allowing foreign investors to come and operate in Ethiopia, particularly telecom and financial institutions, the chief trade negotiator stated.

However, Mamo stated that in telecom, regardless of WTO, the government is currently undertaking a reform program and as a result new telecom operators are allowed to come in and invest.

The sensitive issue is the financial sector, according to Mamo, who pointed out that most of the member countries would want to see Ethiopia open up its financial companies.

He said the government’s position in that regard very much depends on the reform program.

“We believe we can negotiate WTO accession by maintaining the current prudential regulations on the financial sector. We need to make a distinction between opening up and deregulation. We will still maintain our strong prudent regulatory framework while creating a competitive investment climate for investors to come and operate in Ethiopia,” Mamo emphasized.

He believes that WTO accession will fundamentally transform Ethiopia’s investment climate and modernize trading rules and regulations thereby ultimately attracting FDI.

Source: FBC

Prime Minister Dr Abiy Ahmed held a discussion with ‘Dine for Ethiopia’ committee members to assess the progress of the fundraising program for Wonchi, Gorgora, and Koysha projects.

‘Dine for Ethiopia’ is a fundraising program to finance the three projects that will be executed in Oromia, Amhara and SNNP regional states. It aims to raise 3 billion birr.

In a Facebook post, the Prime Minister said “fundraising progress for the Dine for Ethiopia projects is proceeding according to plans per our progress evaluation today.”

“According to Dine for Ethiopia committee members, the 3 billion birr target is on course to be achieved,” he added.

The Prime Minister appreciated business owners, institutions, and government employees who have made their contribution to the three national projects.

According to him, the fundraising activities will be completed in the next coming two weeks.

The ‘Dine for Ethiopia’ program will be hosted within a month, the Prime Minister indicated.

The three projects are expected to create jobs for the local communities, drive tourism and create service economies.

Source : FBC

President Sahle-Work Zewde yesterday attended the 9th Tana High-Level Forum on Security in Africa, which is underway in Addis Ababa.

In her remark, the President highlighted the significance of the African Continental Free Trade Area (AfCFTA) in revitalizing pan-Africanism for sustainable peace and development in Africa.

She said “We are in the midst of turbulent times. The health and economic challenges brought about by the COVID-19 pandemic have negatively impacted the global economy.

“As we respond to the pandemic and look towards recovery and resilience, we must consider the transformative positive impact that the African Continental Free Trade Area (AfCFTA) promises.

“In fact, this pandemic and the multifaceted disruptions that it has caused, have shown us the importance and value of inter-Africa trade more than ever before. “

The President also emphasized the importance of the Forum in promoting African solutions to continental security issues.

“Tana Forum is indeed a platform that strives to meet the intellectual challenge for African-led discussions and solutions to the problems confronting our continent.”

Source: FBC

Ethiopia’s effort to stamp out counterfeiting by introducing new currency notes is pulling people who’ve never had a bank account into the financial system.

Over the past four weeks, almost 1 million previously unbanked Ethiopians have handed in their two-decade-old banknotes, according to the central bank.

In exchange, they were given a bank account from which they can draw the new notes. The regulator is trying to deter cash hoarding that enables corruption and illegal trading to thrive and escapes the tax net.

The rush of applications forced the nation’s biggest commercial lender to assign more tellers to only handle money changing at its main branch next to its headquarters in the capital, Addis Ababa.

The Commercial Bank of Ethiopia branch gained a lot of new customers in the past month, while many others deposited cash in accounts that had been dormant.

“On the first day of the new currency notes, you wouldn’t believe what happened here — everybody came,” said Nebyou Birhanu, who heads digital services at CBE. “The money is coming into the bank.”

The demonetization initiative has added 31 billion birr ($830 million) to the 990 billion birr of deposits that were in the country’s 19 banks at the end of March. The central bank estimates there was 92 billion birr of unbanked cash in Ethiopia in July 2019.

“We expect more people, in the rural and urban areas, to open bank accounts,” National Bank of Ethiopia Governor Dr Yinager Dessie told state television last week.

The central bank is preparing to allow non-financial institutions to offer mobile-money services, opening up banking to local phone companies.

To ward off that threat, Commercial Bank of Ethiopia updated its banking app to allow customers to get credit, pay utility bills and transfer cash more easily, said Nebyou.

Source: FBC

Addis Ababa, Ministry of Water, Irrigation, and Energy jointly with the Amhara Regional State Presidential Office has announced a month-long campaign to remove water hyacinth from Lake Tana.

The Ministry has so far discussed with high officials of the Amhara Regional State and various stakeholders on ways how to fight the water hyacinth infestation that has endangered aquatic resources of Lake Tana, the largest water body in the country.

Federal regional public institutions, universities, city administrations, and non-governmental organizations are expected to actively participate in the fight against the water hyacinth infestations.

The Ministry of Water, Irrigation, and Energy also called upon all Ethiopians to contribute to the water hyacinth removal national complaint.

The national campaign which is aimed to free Lake Tana from water hyacinth will run from October 19 to November 19, 2020.

Source: FBC

The 37th Ordinary Session of the Executive Council of the African Union kicked off on Tuesday with a virtual video conference.

In the opening session, the Council has adopted the budget for the AU for the year 2021.

The Council has also endorsed the theme of the year 2021: “Arts, Culture and Heritage: Levers to building the Africa We Want”.

Speaking at the occasion, Minister of the Foreign Affairs Ethiopia, Gedu Andargachew, suggested that the 2021 budget of the Commission would consider the COVID-19 pandemic and the economic potential of member states.

He also appreciated the Permanent Representative Committee for successfully handling the reform agenda of the Commission amid the COVID-19 pandemic.

The Minister expressed his hope that the Commission would implement the reform agenda giving due attention to competence and relevance to the requirements that the jobs demand.

The Minister of International Relations and Cooperation of South Africa, Naledi Mandisa Pandor has chaired the session.

The session will continue tomorrow with the remaining agenda items and will be concluded by adopting its decisions.

Source: FBC

The Ministry of Foreign Affairs briefed resident ambassadors and the diplomatic community in Addis Ababa on current national issues.

The briefing mainly focused on Ethiopia’s postponed 6th general elections, the current COVID 19 situation, and the unconstitutional regional election that took place in Tigray.

Ethiopia postponed the elections due to the COVID-19 pandemic by taking all necessary constitutional procedures, the Ethiopian officials told the diplomats.

However, Tigray conducted a regional election in breach of the constitution. The House of Federation passed a decision that makes the election unconstitutional and unacceptable, they said.

Source: FBC

President Sahle-Work Zewde said a flag is one of few things that hold together pride, dignity, and patriotism in a community.

The 13th Ethiopian National Flag Day was celebrated in all regional states and the two city administrations today under the theme, “Our Flag for Our Peace, Unity, and Prosperity.”

In Addis Ababa, it was celebrated in the premises of the Ethiopian parliament in the presence of the President and Speaker of the parliament, Tagesse Chafo, among others.

President Sahle-Work on the occasion said that a flag is an emblem of freedom, sovereignty, and unity of a nation.

Ethiopia is one of the countries with a long history of flag, she said, adding the sacrifice paid for it allowed Ethiopians to walk with their heads held high.

As Ethiopia requires the contribution of all individuals now more than ever, let’s stand together under the umbrella of the national flag, said the President.

Speaker of the parliament, Tagesse Chafo, said this year’s celebration comes at a time when the country is in a new chapter of reforms, thereby creating a good opportunity to raise the flag high.

The Grand Ethiopian Renaissance Dam (GERD) project has reached 76.35% completion, said the Ministry of Water, Irrigation, and Energy (MoWIE).

Dr. Seleshi Bekele, Minister of Water, Irrigation, and Energy briefed journalists on his ministry’s quarterly performance in areas of access to safe water and sanitation, irrigation, and energy.

The performance of the project increased by 2.5% to 76.35% in the first quarter owing to efforts made to enable the dam to start generating power with two turbines this Ethiopian fiscal year (2020/21), he said.

As per the plan, the two turbines will begin generating power this fiscal year, the Minister confirmed.

Dr. Seleshi further stated that the recent decision by the Ethiopian Civil Aviation Authority banning all flights over the dam is intended to avoid security threats.

In his briefing, the Minister described the quarterly performance achievements in access to safe water and sanitation as well as electricity as encouraging, according to EBC.

Source: FBC

President Sahle-Work Zewde held talks with the High Representative of the EU for Foreign Affairs and Security Policy/Vice-President of the Commission, Josep Borrell.

Borrell was accompanied by Janez Lenarcic, European Commissioner for Crisis Management in charge of European Civil Protection and Humanitarian Aid.

After the discussion, President Sahle-Work tweeted that “I had a fruitful discussion” with Josep Borrell.

Borrell also met with Gedu Andargachew, Ethiopia’s Minister of Foreign Affairs to exchange views on ways of strengthening relations between the Union and Ethiopia.

Gedu took the opportunity to thank the European Union member states for the comprehensive support they extend to the development endeavors of Ethiopia.

He also provided a briefing to Borrell on the ongoing Ethiopian socioeconomic reforms, the status of the Grand Ethiopian Renaissance Dam (GERD) talks, and Ethiopia’s critical role in peace-building activities in the region.

Borrell commended the reforms in Ethiopia and reiterated that the EU would continue to assist the Ethiopian Government in this regard.

Source: FBC