Ethiopia amended its long serving commercial code which was ratified 64 years ago.
Despite its strong qualities, the commercial code of Ethiopia has been criticized for failing to fully address the dynamism of commercial transactions of the real and virtual world.
The amended Commercial Code which was unanimously approved by the House of People’s Representatives on Thursday was said to be in commensurate with up-to-date technological advancement, and expected to serve for 30 years to come.
According to the new commercial code, cooperatives can be led by an individual, and a group of people engaged in agriculture and forestry shall not be obliged to be registered into the trade system.
Furthermore, the code is said to be instrumental in facilitating speedy and ease trade license registration and renewal services for customers. Video: