The House of People’s Representative ratified revised Commercial Code of Ethiopia. The revised code featured various new articles ranging from types of business licenses, online registration and closing, taxation and renewal procedures, ecommerce, trade competition practices, arbitration and tribunals, among others.
The revision of the new commercial code was started in 1976. After retouched by various institutions over the decades, the latest version was modified over the last two years by the Ministry of Trade and Industry and Office of the Attorney General. The latest version was submitted to the Trade and Industry Standing Committee of the HPR, in September 2020.
The amended commercial code is versed to align with the economic reforms Ethiopia is undertaking since the last three years. The commercial code is remade to accommodate the economic sectors and businesses activities opening up for the private sector, according to officials. It also considered Ethiopia’s efforts to join WTO as well as the just operationalized African Continental Free Trade Area (AfCFTA).
The existing commercial code was ratified 62 years ago by emperor Haileselassie, and considered outdated for economic dynamism unveiling in Ethiopia, though it was on a par with the European codes for its time.