Efficient AfCFTA Utilization Vital to Compensate Ethiopia’s AGOA Loss

December 30, 2021

ADDIS ABABA – Ethiopia’s efficient utilization of African Continental Free Trade Area (AfCFTA) would be instrumental in compensating what the country could lose from the revocation of its Africa Growth and Opportunity Act (AGOA) privileges, an African academician said.

Speaking to Connect Africa Media, Nkrumah Ideological Center Media and Public Relation Director Kwame Gonza stated that Ethiopia’s ability to explore Africa’s potential markets would significantly enhance its foreign currency earnings and capacity to withstand unjustified measures.

The director further noted that the Biden Administration employed AGOA as a political instrument to punish Ethiopia’s defiance to foreign meddling in its domestic affairs. “It is evident that AGOA benefits Ethiopia’s economy and plays a substantial role in employing hundreds of thousands of citizens; however, it is not above the sovereignty of the country.”

The U.S. government has no humanitarian concern in terminating Ethiopia’s AGOA access and its motive is mainly securing neo-colonialist hegemony. “AGOA benefits both the U.S. and African countries and President Biden’s decision is counterproductive,” Gonza said, adding that the measure affects U.S. companies’ investment in Ethiopia.

He recommended African countries to forge stronger economic and political cooperation that would make them self-reliant and counter Western interference in the guise of humanitarian assistance. “AfCFTA has a paramount importance in mobilizing the participation of all Africans to tap the continent’s abundant natural and human resources and massive market opportunities thereby curtailing imperialist attempts.”

BY TAMERU REGASA

THE ETHIOPIAN HERALD TUESDAY 30 DECEMBER 2021