International
Ethiopia Racing to join WTO Membership in 2026
Ethiopia is actively engaging with the WTO to conclude its accession negotiations as early as 2026 and to implement its accession commitments.
In a statement, WTO confirms : “As Ethiopia prepares for its 5th Working Party meeting in 2025, the Steering Committee agreed on an accession roadmap which outlines steps and timelines for concluding the negotiations, currently envisaged for 2026.
” Ethiopia is not a member of the WTO though Ethiopia’s gradual accession to the WTO has been underway since 2003.
In August 2023, Ethiopian negotiators lined up a fifth working party meeting with WTO, tentatively set up for March or April 2024.
However, Ethiopia then paused the process for eight years, primarily over concerns about liberalising its banking and telecom sectors.
In June 2019, Ethiopia’s Prime Minister, Abiy Ahmed, reactivated the process and formed a national committee of ten members to resume the accession procedure.
A high-level delegation from Ethiopia led by Kassahun Gofe Balami, Minister of Trade and Regional Integration and Chief Negotiator for WTO Accession, visited the WTO on 5-11 December to prepare for the reactivation of the country’s accession Working Party in early 2025.
The visit marked Ethiopia’s strong re-engagement in the accession process five years after the last Working Party meeting in January 2020. The visit began with a meeting between Minister Kassahun Gofe Balami and WTO Deputy Director-General Xiangchen Zhang on 5 December 2024.
Minister Kassahun Gofe Balami reaffirmed Ethiopia’s strong commitment to restarting and accelerating its WTO accession.
He underscores the recent progress in Ethiopia’s domestic economic reforms. He further expressed gratitude for the technical support provided by the WTO Secretariat and emphasized his Government’s needs for continued capacity-building, as a least-developed country (LDC).
The Minister also participated in the 9th Working Party Meeting of Uzbekistan on 5–6 December 2024. In his intervention at the meeting, he highlighted that Ethiopia shares Uzbekistan’s steadfast commitment to joining the WTO and noted the contribution of WTO accession to the diversification and liberalization of acceding economies.
The visit included briefing sessions on WTO Accession, jointly delivered by the World Bank and the WTO Secretariat on 9–10 December 2024.
Members of Ethiopia’s Steering Committee addressed the economic impact of WTO membership, key provisions and obligations across WTO Agreements, and specific issues in Ethiopia’s multilateral and bilateral accession negotiations.
The delegation recognized the significant benefits of WTO accession, including increased trade predictability, access to WTO instruments, and increased attractiveness of Ethiopia’s economy for foreign direct investment.
Photo Caption: Members of the Steering Committee: Ambassador Mesganu Arga Moach, State Minister of Foreign Affairs and Deputy Chief Negotiator on WTO Accession; Yasmin Wohabrebbi Saeed, State Minister of Trade and Regional Integration; Eyob Tekalign Tolina, State Minister of Finance; Belayihun Yirga Kifile, State Minister of Justice; Debele Kabeta Hursa, Commissioner for Customs; Fikadu Digafie Huriso, Vice Governor of the National Bank of Ethiopia; and Zeleke Temesgen Boru, Commissioner for Investment.
International
China’s Foreign Minister visits four African countries on annual tour
Beijing has sent hundreds of thousands of workers and engineers to the continent and gained strategic access to its vast mineral riches, including copper, gold and lithium.
China’s top diplomat kicks off a New Year trip to Africa on Wednesday, the foreign ministry said, seeking to boost trade on a four-country circuit that includes several recent political hotspots.
Foreign Minister Wang Yi’s tour of the continent’s east and south will take him to Ethiopia, Somalia, Tanzania and Lesotho, concluding on Monday, the ministry said in a statement.
The visits are in keeping with the Chinese diplomatic convention of recent decades, whereby the foreign minister’s first overseas trip of the year is to Africa.
The current tour “aims to deepen political mutual trust with all parties… (and) strengthen exchanges and mutual learning”, foreign ministry spokeswoman Mao Ning said Wednesday at a regular news conference.
China is Africa’s top business partner, with trade reaching $296 billion in 2024, according to Chinese state media.
Beijing has sent hundreds of thousands of workers and engineers to the continent and gained strategic access to its vast mineral riches, including copper, gold and lithium.
International
Trump Announces Venezuela to Turn Over Up to 50 Million Barrels of Oil to United States
U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela will turn over between 30 and 50 million barrels of high-quality sanctioned oil to the United States, following the recent U.S. military operation that removed Venezuelan leader Nicolás Maduro from power.
In a post on Truth Social, Trump stated: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 Million Barrels of High Quality, Sanctioned Oil, to the United States of America.
This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!
“The president added that he has directed Energy Secretary Chris Wright to execute the plan immediately, with the oil to be transported via storage ships directly to U.S. unloading docks.
The announcement comes amid ongoing developments in Venezuela, where the oil—previously held in storage due to U.S. sanctions—is estimated to be worth up to $2.8 billion at current market prices around $56 per barrel.
Analysts note that this volume represents a modest addition to global supply but could divert exports previously destined for China.U.S. crude futures dipped slightly following the news, closing lower by about 1.3%. Major U.S. oil companies, including Chevron, ExxonMobil, and ConocoPhillips, are reportedly monitoring the situation, with meetings planned between industry representatives and the administration to discuss future investments in Venezuela’s vast oil reserves.
The deal marks a significant step in Trump’s stated goal of revitalizing Venezuela’s oil sector, which holds the world’s largest proven reserves but has seen production decline sharply in recent years due to sanctions, underinvestment, and mismanagement.
International
Nicolas Maduro, wife plead not guilty in New York court
Maduro, 63, told a federal judge in Manhattan that he had been “kidnapped” from Venezuela and said, “I’m innocent, I’m not guilty; I’m still the president of my country.”
Deposed Venezuelan president Nicolas Maduro pleaded not guilty to charges of narco-terrorism in a New York court on Monday, two days after being snatched by US forces in a stunning raid on his home in Caracas.
Maduro, 63, told a federal judge in Manhattan that he had been “kidnapped” from Venezuela and said, “I’m innocent, I’m not guilty; I’m still the president of my country.”
Maduro’s wife Cilia Flores likewise pleaded not guilty.
The pair were snatched by US commandos in the early hours of Saturday in an assault backed by warplanes and a heavy naval deployment.
(AFP)
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