AU welcomes Somalia’s ratification of continental free trade agreement
The African Union has welcomed Somalia's ratification of the African Continental Free Trade Area agreement, viewing it as a milestone for regional economic integration. Officials discussed trade facilitation and the importance of stability in unlocking Somalia's economic potential.
Why it matters
Ratification is a significant step toward creating a unified African market, which could boost trade and investment across the continent.
Addis Ababa (HOL) - African Union Commission Chairperson Mahmoud Ali Youssouf has congratulated Somalia on its ratification of the agreement establishing the African Continental Free Trade Area, describing it as an important step toward deeper integration into the continental market.
Youssouf made the remarks during a meeting with Somalia's Minister of Commerce and Industry, Gamal Mohamed Hassan, at AU headquarters in Addis Ababa on Friday.
He said Somalia has significant potential to contribute to intra-African trade and investment, citing the country's long-standing commercial traditions, entrepreneurial dynamism and historic trading links across Africa and beyond.
Youssouf also commended Somalia's progress in peace, security and stabilization, saying sustained peace and stability are essential to unlocking the country's economic potential and promoting inclusive development and regional integration.
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