Ethiopia Introduces New Directive to Halt Fraud in Export BusinessBy Staff ReporterOctober 21, 2019 (Ezega.com -- Ethiopian Ministry of Trade and Industry has introduced a new “Export Contract Registration and Performance Directive” as part of its effort to address fraud in the country’s export business. Accordingly, the country’s trade balance gap is expanding, leaving the nation with a high trade deficit. Surprisingly, many Ethiopian exporters were found to disappear after they had received advance payment form their customers abroad. According to Misganu, the newly introduced directive enables the government to supervise, control, and regulate contracts and agreements and build a positive image for the country’s export sector. The Ethiopian export structure remains undiversified and the sector is dominated by coffee, oilseeds, gold, chat, and pulses.

Source: Ethiopian News October 22, 2019 04:52 UTC