Somalia Becomes 50th African Country to Ratify AfCFTA
The Federal Republic of Somalia has formally deposited its instrument of ratification of the African Continental Free Trade Area (AfCFTA) Agreement, becoming the 50th country to officially ratify the landmark continental trade agreement.
Somalia’s Minister of Commerce and Industry, Ambassador Gamal Mohamed Hassan, formally submitted the ratification instrument to the African Union during a ceremony held at the African Union headquarters in Addis Ababa.
The submission marks the completion of Somalia’s formal ratification process, following approval by the Federal Parliament and signature by the President of the Federal Republic of Somalia, Hassan Sheikh Mohamud.
Minister Gamal said Somalia’s accession to AfCFTA would create new opportunities for trade and investment and help Somali businesses access markets across the African continent.
“Today, Somalia has become the 50th country to officially ratify AfCFTA. Our immediate task is to prepare the necessary customs and tariff procedures and support Somali businesses in meeting the requirements for preferential trade under the agreement.”
He added that ratification would help expand market access, strengthen trade, promote investment and create employment opportunities while enabling Somalia to participate more effectively in regional and continental value chains.
New Opportunities for Somali Businesses
Membership in AfCFTA is expected to provide Somali businesses with greater opportunities to access African markets, attract foreign investment, increase production and exports, and participate in regional value chains.
The Ministry of Commerce and Industry will lead the implementation of the agreement, focusing on aligning Somalia’s laws and trade procedures with AfCFTA obligations, strengthening institutional coordination, and preparing Somali businesses to take advantage of the agreement’s trade preferences.
To accelerate implementation, the Ministry has established the National AfCFTA Coordination Office (NCO), which will oversee coordination and implementation of the agreement.
The office will facilitate cooperation among federal government institutions, federal member states, the private sector and other stakeholders, with the aim of aligning Somalia’s trade laws, policies and procedures with its AfCFTA obligations.
The Federal Government of Somalia expressed its appreciation to the Federal Parliament, the Presidency, the African Union Commission, the AfCFTA Secretariat, and all national and international partners who supported Somalia throughout the ratification process.