The Federal Government of Somalia has officially deposited its instrument of ratification for the African Continental Free Trade Area (AfCFTA) Agreement with the African Union, making Somalia the 50th country to formally become a member of the landmark continental trade pact.
Somalia’s accession to AfCFTA is expected to open new opportunities for trade, investment, and economic integration across Africa, enabling Somali businesses to access broader regional markets beyond the country’s borders.
Somalia’s Minister of Commerce and Industry, H.E. Jamal Mohamed Hassan, pointed out the ratification as a historic and significant step toward strengthening trade and investment in the country.
“This is a historic milestone and an important step toward promoting trade and investment. It will create new opportunities for Somali businesses to access markets across Africa,” said Minister Jamal Mohamed Hassan.
The Minister further noted that the government will now focus on implementing the obligations of the agreement and preparing Somali businesses to fully benefit from the opportunities created by AfCFTA.
“We will now concentrate on implementing the commitments under the Agreement and preparing Somali entrepreneurs and businesses to take full advantage of the opportunities that AfCFTA offers,” he added.
Joining AfCFTA is expected to support Somalia in increasing exports, attracting investment, boosting domestic production, and integrating Somali businesses into Africa’s regional value chains.
The African Continental Free Trade Area aims to facilitate trade across the continent by reducing trade barriers, promoting economic cooperation, and strengthening regional integration among African nations.
Somalia now faces the important task of effectively implementing the agreement by enhancing local production, strengthening the capacity of businesses, improving trade-related services, and increasing the competitiveness of Somali products in African markets.
The move is widely regarded as a major step toward a new phase of regional trade, investment, and economic integration for Somalia, with the success of the agreement depending on effective implementation and the readiness of Somali businesses to seize emerging opportunities.
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