Islamabad (Adnan Hameed): The Embassy of the Federal Democratic Republic of Ethiopia (FDRE) in the Islamic Republic of Pakistan announces a significant development as the House of the Peoples Representatives of FDRE unanimously ratifies the bilateral trade agreement signed on February 14, 2023. This approval marks a crucial step towards enhancing bilateral trade between the two nations.
The Standing Committee of the House on Trade and Tourism submitted the trade agreement for approval during the 8th regular meeting of the 3rd year of the House of the Peoples Representatives.
The primary objective of the bilateral trade agreement is to strengthen trade cooperation between Ethiopia and Pakistan, fostering greater economic and commercial ties. Ambassador Jemal Beker Abdula, Extraordinary and Plenipotentiary of the FDRE in Pakistan, lauded the approval as a major breakthrough in the bilateral relations between the two countries.
The Ambassador emphasized that the landmark agreement is expected to significantly boost bilateral trade, which currently stands at over 80 million USD. It will pave the way for the establishment of a joint action committee on trade and the development of robust institutional linkages between Ethiopia and Pakistan.
Expressing congratulations to the business communities of both nations, Ambassador Abdula highlighted the positive impact of the agreement on the economies of Ethiopia and Pakistan. He welcomed the news as particularly encouraging for businesses that have explored each other’s markets through delegation exchanges in the current year.
Looking ahead, the Ambassador anticipates a new chapter in the history of bilateral trade, predicting increased business and trade activity between Ethiopia and Pakistan in the coming year. He noted the successful visits of businessmen and investors, with over 70 visiting Ethiopia in March and more than 50 Ethiopian businessmen visiting Pakistan in May, coupled with the commencement of Ethiopian Airlines operations. These developments set the stage for the flourishing and thriving of bilateral relations amid changing global dynamics.