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With the approval of the Ministry of Commerce (MoT), the Ethiopian Commodity Exchange (ECX) is set to open a special window for industrial processors, The reporter has bowed.
Senior ECX officials confirmed that the Ministry has notified them of the lists of processed products that will be marketed through ECX for the first time. However, officials declined to mention the product items, saying the company will officially release the list next week.
ECX recently added two more agricultural products, soybeans and chickpeas, to its trading floor, bringing its total number of commodities traded to 10.
Consequently, this total number of commodities to be traded on your floor will increase after next week with the expected announcement of the items, The reporter has learned.
According to official sources, the commercial agent is intensifying its efforts to attract greater market access for various agroprocessors. Consequently, products that go through the ECX trade route are also exported on time, helping the nation earn more foreign exchange.
In Ethiopia, 3.5 million small farmers sell their products through the ECX.
In addition, ECX has recently presented more plans that would pave the way for the integration of intracontinental trade. The recent Africa Free Trade Agreement, regional economic integration, and other multilateral economic agreements are untapped opportunities to establish bilateral and multilateral agreements with each other to facilitate a modern agricultural and industrial commodity trading system. This, ECX observes, will in turn create greater market access for African farmers and businesses to trade with each other.
The exchange further noted that Ghana, Tanzania, Rwanda and other exchanges have been established after seeing the ECX experience, with the ECX being the center of excellence for African commodity exchanges.
ECX stated that it is endeavoring to establish its own ECX Academy this fiscal year, to conduct well-designed and personalized trainings, and further noted that it expects local merchants, baristas and tasters; as well as the African Exchange staff to take advantage of the opportunity provided by the academy. The president of the Mozambique Commodity Exchange, for example, has expressed interest in sending technical staff from the Mozambique Commodity Exchange to ECX for in-depth training.
