Commercial Code that has been in place in Ethiopia for more than 60 years has been amended

(Parliament News) March 26, 2021; - The amendment to the Commercial Code was unanimously approved by the 12th regular session of the House of Peoples' Representatives.

Honorable Meseret Abate, Chairperson of the Trade and Industry Affairs Standing Committee, presented a draft proclamation and resolution to the House.

She recalled that despite various efforts to amend the Commercial Code over the past 34 years, the amendment was submitted to the House in September 2020. She also added that the Standing Committee has reviewed the draft proclamation with the involvement of relevant stakeholders.

According to Honorable Meseret it is important to create a facilitated system for traders in the current context of Ethiopia's trade activities, adding that it will facilitate the country's efforts to become a member of the World Trade Organization.

Members of the House also said that the amendment of the Code is crucial to improve the illegal practices in the business sector and to establish a fair trade system.

The House also ratified the extradition of fugitives between Ethiopia and Uganda and approved the Joint Judicial Cooperation Agreement on Crimes.

The agreement is expected to play a key role in bringing perpetrators to justice and ensuring peace and security between the two countries. On the other hand, it is said that the vulnerability of Ethiopia and Uganda to cross-border crime will be investigated using modern methods of inquiry and prosecuted.

The House also led a draft proclamation on the licensing and administration of lawyers to the Standing Committee on Legal Justice and Democracy for details review.

By Yared Eshetu