MOGADISHU, Sept. 5 (Xinhua) -- Somalia has formally become the 50th country to ratify the African Continental Free Trade Area (AfCFTA) agreement, depositing its instrument of ratification with the African Union.
The Minister of Commerce and Industry Gamal Mohamed Hassan submitted the instrument on Friday following its approval by Parliament and presidential assent from President Hassan Sheikh Mohamud.
The ministry said in a statement issued Friday evening that the ratification completes Somalia's domestic legal requirements, granting the country access to a continental market of more than 1.4 billion consumers.
"Somalia's participation in the AfCFTA will create greater opportunities for local enterprises to access continental markets, attract foreign investment, diversify exports and participate effectively in regional value chains, supporting the country's broader economic development," the ministry said.
The government said it has established a National Coordination Office to lead and coordinate the domestic implementation of the agreement.
The AfCFTA aims to boost intra-African trade by lowering trade barriers and establishing a unified framework for the seamless movement of goods and services across the continent.
The AfCFTA Secretariat congratulated Somalia on joining the free trade area and said it looks forward to supporting the country's implementation efforts.
"This milestone reaffirms Somalia's commitment to Africa's economic integration and strengthens our collective efforts to build one African market," it said.
Somalia's attention now shifts to the practical steps required for Somali businesses and products to actively participate in the continental market. ■