Ethiopia's Mutual Dev't Principle in Securing Seaport Crucial to Realizing Regional Integration

3 January 2024
Ethiopian News Agency (Addis Ababa)

Addis Ababa — Ethiopia's securing seaport through diplomacy and mutual development as well as its foreign affairs principles is critical to the realization of economic integration and strengthening of cooperation with countries in the region and beyond, Trade and Regional Integration Minister Gebremeskel Chala said.

It is to be recalled that Prime Minister Abiy Ahmed and President Muse Bihi Abdi signed the historic MoU in Addis Ababa on Monday.

The Memorandum of Understanding (MoU) for Partnership and Cooperation includes wide scopes of cooperation in social, economic, political and military fields.

The MoU gives Ethiopia the opportunity to obtain a permanent and reliable naval base and commercial maritime service in the Gulf of Aden through a lease arrangement, while Somaliland gets share from Ethiopian public enterprises.

Congratulating employees of the ministry and all Ethiopians on the signing of the MoU, the minister noted that Ethiopia's economy is growing fast and the country has a large economy with a large population.

Since the country is also a member of African Continental Free Trade Area (AfCFTA), its agreement with Somaliland to secure seaport is crucial to reach other countries within the continent and beyond.

Given Africa's current population of 1.2 billion people, which is expected to grow to 2.5 billion by 2050, the AfCFTA will be the largest free trade area since the formation of the World Trade Organization.

Moreover, being a landlocked country Ethiopia spending on port service has been rising from year to year.

The minister pointed out that the MoU signed with Somaliland creates the opportunity to reach sisterly African countries through its seaport.

According to him, the move to secure seaport access through win-win approach is essential for the realization of economic integration and strengthening of cooperation with countries in the region and beyond.

The Red Sea holds a pivotal position in global trade, serving as a critical maritime corridor that connects the Mediterranean Sea to the Indian Ocean.

Read the original article on ENA.

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