Somalia has officially completed its accession process to the African Continental Free Trade Area (AfCFTA). The country deposited its instrument of ratification with the African Union, official media reported on Saturday, citing Somalia’s Ministry of Commerce and Industry.
Somali Minister of Commerce and Industry, Gamal Mohamed Hassan, handed the document to African Union representatives on Friday during a ceremony held at the headquarters of the pan-African organization in Addis Ababa.
This step marks the completion of the ratification process initiated by Mogadishu. The agreement had previously been approved by the Federal Parliament before being signed by the President of the Republic, Hassan Sheikh Mohamud.
New Opportunities for Somali Businesses
Somalia’s integration into the AfCFTA opens up new opportunities for the private sector and the national economy. In particular, it should enable Somali businesses to benefit from broader access to markets across the continent and expand trade with other African economies.
Membership is also expected to help attract foreign investment, increase production and exports, and integrate Somali businesses into regional value chains.
For Mogadishu, integration into the continental market therefore represents an additional lever to stimulate trade, strengthen business competitiveness and support the country’s economic development.
