Somalia has formally ratified the African Continental Free Trade Area (AfCFTA), becoming the 50th country to complete the process of joining the continent-wide trade agreement.
Somalia’s Minister of Trade and Industry, Gamal Mohamed Hassan, deposited the country’s instrument of ratification with the African Union at a ceremony at the AU headquarters in Addis Ababa.
The move completes Somalia’s domestic ratification process, following approval of the agreement by the Federal Parliament and its subsequent signing by President Hassan Sheikh Mohamud.
“Today, Somalia has become the 50th country to formally ratify AfCFTA,” Mr Hassan said.
“Our task now is to prepare the necessary tariff and customs procedures, support Somali businesses in meeting long-term trade requirements, and move towards exporting our first shipment under the Agreement.”
The AfCFTA aims to create a single market for goods and services across Africa and increase intra-African trade.
For Somalia, the government says membership could provide businesses with greater access to markets across the continent, while helping attract foreign investment, expand production and exports, and connect Somali companies to regional value chains.
The Ministry of Trade and Industry will oversee implementation of the agreement. Its responsibilities will include aligning national laws and procedures with AfCFTA requirements, improving coordination between government institutions and preparing businesses to operate within the wider continental market.
The ministry has also established a National AfCFTA Coordination Office to coordinate implementation and facilitate cooperation between federal institutions, Somalia’s Federal Member States, businesses and other stakeholders.
The government thanked the Federal Parliament, the Office of the President, the African Union Commission, the AfCFTA Secretariat, and domestic and international partners for their support during the ratification process.
Somalia’s formal accession marks a further step in the government’s efforts to expand the country’s participation in regional and continental trade.
