Islamabad: The Embassy of Federal Democratic Republic of Ethiopia (FDRE) in Pakistan on Monday announced that the House of the Peoples Representatives of FDRE had unanimously approved the bilateral trade agreement signed by the two countries on February 14 this year to boost bilateral trade.
The trade agreement was submitted by the Standing Committee of the House on Trade and Tourism to the Ethiopian Parliament for approval during the 8th regular meeting of the 3rd year of the House of the Peoples Representatives held the other day, said an embassy news release.
The bilateral trade agreement is aimed at boosting trade cooperation between the two countries for further strengthening the economic and commercial relations between Ethiopia and Pakistan. Ethiopian Ambassador in Pakistan Jemal Beker Abdula described the approval of the agreement as a “major breakthrough” in the bilateral relations of the two countries. He said the landmark agreement would give a major boost to the bilateral trade that currently stood at over $80 million. It would pave the way for the establishment of a joint action committee on trade and fostering strong institutional linkages between the two countries, he added. He congratulated the business community of Ethiopia and Pakistan over the approval of the agreement.
The ambassador said it was a welcoming news for the business community of both the countries who had already explored each other lucrative markets through delegation exchange in the current year. “The new year will open a new chapter in the history of bilateral trade and hopefully, bolster business and trade activity between the two countries,” he said, while recalling the visit of over 70 businessmen and investors to Ethiopia in March and a trip of over 50 Ethiopian businessmen to Pakistan in May this year. “These developments coupled with the commencement of the Ethiopian Airlines set the stage for the bilateral relations of Ethiopia and Pakistan to flourish and thrive in the changing global dynamism,” the ambassador noted.