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· Ethiopia’s parliament, the House of People’s Representatives, has unanimously voted to approve the Commercial Code of Ethiopia, which will revise the one that has been in place for the past 61 years.
· The revision has seen to amend 825 sections related to trade issues in the Code. It is expected to serve for 30 years as it has taken into account up-to-date technological advancements
· The amendment enables cooperatives to be led by a single individual, and those engaged in sectors of agriculture and forestry will not be obliged to register into the trading system
Ethiopia’s parliament, the House of People’s Representatives, has unanimously voted to approve the Commercial Code of Ethiopia, which will revise the one that has been in place for the past 61 years.
The revision has seen to amend 825 sections related to trade issues in the Code. It is expected to serve for 30 years as it has taken into account up-to-date technological advancements. The amendment enables cooperatives to be led by a single individual, and those engaged in sectors of agriculture and forestry will not be obliged to register into the trading system.
The need for revising the Commercial Code has been felt in light of creating a smooth working environment for business activities in Ethiopia. The amendment will also help speed up trade registration and licensing procedures.
The standing committee has reviewed the draft proclamation in detail with the participation of stakeholders. The amended Commercial Code is hoped to facilitate Ethiopia’s efforts in joining the World Trade Organization.
