Trade Policy of Somalia
The Ministry of Commerce and Industry of the Federal Government of Somalia places great emphasis on the development of Somalia’s trade and has recently undertaken efforts to enhance the growth of exports, surpassing imports. They have been actively engaged in the drafting and preparation of Somalia’s trade policy.
The Ministry of Commerce and Industries has made remarkable efforts in the establishment of this policy. The process involved several stages, including research and consultation sessions that involved all relevant stakeholders, such as government institutions and private sectors. These sessions aimed to review the existing legislation and regulations related to this policy.
This policy is expected to play a significant role in promoting production and increasing the export of goods from Somalia. It aims to provide assistance to Somali traders and businesspersons in expanding their exports and increasing production within the country. This, in turn, will contribute to the overall economic growth of the country, which is based on the national development plan of Somalia(NDP9).
The Ministry of Commerce and Industries, particularly the Department for Trade and Marketing, has invested significant efforts in developing this policy and finally, It is now approved by the Somali Cabinet of Ministers.