• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Somalia embraces AfCFTA, validates its National Strategy

2 years ago
in Economy, Features, highlights, Home, home-news, latest News, Trade
2 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Somalia embraces AfCFTA, validates its National Strategy

The Ministry of Commerce and Industry of Somalia, in collaboration with the Economic Commission for Africa (ECA), convened a validation meeting of its African Continental Free Trade Area national implementation strategy on 15 November 2023 in Mogadishu.

The purpose of the meeting was to solicit feedback and inputs from various stakeholders on the draft document that articulates Somalia’s vision and actions for harnessing the potential of AfCFTA. Participants came from government, the private sector, academia, civil society and the national parliament. The meeting was supported by ECA through its Office for Eastern Africa and the African Trade Policy Centre which provided technical assistance to Somalia in developing the strategy.

Mr Mohamed Saney Dalmar, Director General of the Somalia Ministry of Commerce and Industry, opened the workshop and highlighted the importance of the AfCFTA for the country’s economic development and integration. He thanked ECA for its support and encouraged the participants to actively engage in the implementation phase of the AfCFTA strategy.

“This validation workshop is a testament to our collective commitment to fostering economic growth and regional collaboration. ” said Mr Dalmar.  He further highlighted that the private sector plays a pivotal role in this transformative process, acting as a catalyst for growth by driving innovation, creating job opportunities, and facilitating the integration of Somali businesses into the broader African market.

The AfCFTA Agreement has received the approval of the Somalia Cabinet and is now awaiting ratification by Parliament. Members of the parliament who attended the meeting said that the Agreement will likely be ratified in the next few months.

Speaking at the event, Mr Melaku Desta, the coordinator of the African Trade Policy Centre recalled ECA’s role in assisting the member states in preparing and implementing their national strategies. He praised Somalia for completing its national strategy and urged the stakeholders to provide comments and suggestions to enhance its quality and relevance.

RelatedPosts

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

“The support we are providing to our member states in the development of national AfCFTA Implementation Strategies is an important part of our work in this area” Said Mr Desta. “with ECA support 31 African countries and two regional economic communities have completed, validated and launched their national or regional AfCFTA Implementation Strategies, while around ten others are at different stages in the process of developing their strategies”, he added.

Andrew Mold, Senior Economist at ECA also stressed the advantages of implementing the Free Movement Protocol, which seeks to facilitate the free flow of people across Africa in order to better facilitate cross-border trade and investment. He also highlighted the economic imperatives of the AfCFTA and the benefits deriving from its implementation.

At the meeting, the main elements of the strategy such as the key opportunities and challenges for Somalia in implementing the agreement were discussed, as well as priority sectors and products for export diversification and value addition. The workshop participants engaged in a fruitful and interactive dialogue and they discussed the alignment of the strategy with the existing national development frameworks and policies, such as the National Development Plan (NDP) and the Somalia Economic Recovery Plan (SERP).

In a landmark show of collaboration, Somalia’s private sector actively participated in the AfCFTA validation meeting, underlining its commitment to the economic advancement of the country. The diverse representation and engagement of private enterprises during the meeting signified a collective dedication to harnessing the opportunities presented by the AfCFTA for mutual prosperity.”

The AfCFTA is a landmark agreement among African Union member states that was launched on 1 January 2021. It aims to create a single market for goods and services and thus increase intra-African trade by eliminating import duties and non-tariff barriers.

Source: zawya
Via: norvanreports
Tags: AFCFTAEconomic Commission for Africa (ECA)SomaliaSomalia embraces AfCFTAvalidates its National Strategy
No Result
View All Result

Highlights

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

One in Two Nigerians Live in Poverty: Why Relief Programmes Have Failed

Developing Countries Accuse Rich of Broken Climate Promises at UN

Ghana Urged to Embrace Non-Interest Finance to Drive Inclusive Growth

Finance Minister Welcomes IMF Team for Fifth Review of Ghana’s Programme 

Trending

Business

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

September 30, 2025

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review Ghana’s finance minister, Cassiel...

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

September 30, 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

September 30, 2025

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

September 30, 2025

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

September 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.