Ethiopia's Commitment To Afcfta: Advancing Trade, Integration, And Prosperity In Africa

Your Excellencies, distinguished representatives of Member States, esteemed partners, ladies and gentlemen, it is with great honour and privilege that we extend our warmest welcome to Addis Ababa for the 43rd meeting of the Committee of Experts of the Conference of African Ministers of Finance, Planning, and Economic Development. On behalf of the Government of the Federal Democratic Republic of Ethiopia, we are deeply delighted to host this crucial gathering, which provides a platform for insightful discussions and impactful decisions that will shape the ministerial segment of this conference.

This year's theme, "Advancing the Implementation of the Agreement Establishing the African Continental Free Trade Area: Proposing Transformative Strategic Action," captures the urgency and significance of our collective mission. The African Continental Free Trade Area AfCFTA is more than just a legal framework it is a bold and transformative initiative designed to accelerate Africa's economic integration and growth. The agreement aims to enhance intra-African trade, harmonise policies, and remove barriers that have long hindered economic cooperation across the continent.

The AfCFTA presents an unparalleled opportunity to reshape Africa's economic landscape. As the largest free trade area in the world, encompassing 55 countries and over 1.3 billion people, it has the potential to unlock economic prosperity by boosting industrialisation, fostering job creation, and alleviating poverty. The successful implementation of the agreement will contribute significantly to achieving Agenda 2063, Africa's strategic blueprint for inclusive and sustainable development.

However, realising the full potential of AfCFTA requires deliberate efforts to address existing challenges. These include infrastructure deficits, fragmented policies, financial constraints, and disparities in capacity across member states. Furthermore, ensuring inclusivity in the implementation process is paramount. Women, youth, and small and medium-sized enterprises SMEs play a crucial role in African economies and must be integral beneficiaries of the trade agreement. Their active participation will not only drive economic growth but also ensure a more equitable and sustainable future.

Despite the promise of AfCFTA, Africa still faces significant hurdles in achieving seamless economic integration. According to the United Nations Economic Commission for Africa UNECA report on regional integration 2024, intra-African trade currently accounts for only 14.4 of total trade on the continent. This figure starkly contrasts with intra-regional trade levels in Europe and Asia, where integration serves as a catalyst for economic prosperity.