Prime Minister Abiy Ahmed held talks with President Ilham Aliyev during his official visit to Azerbaijan, aimed at further strengthening bilateral relations between the two countries.

Ahead of the meeting, the Prime Minister participated in a wreath-laying ceremony at the Alley of Honor and the Victory Monument in Baku.

The ceremony paid tribute to national heroes and symbolized the resilience and unity of the Azerbaijani people. (ENA)

The Ethiopian Customs Commission (ECC) has fully digitalized its services in order to provide fast and modern services for customers, particularly for importers and exporters.

In exclusive interview with ENA, Ethiopian Customs Commission (ECC) Deputy Commissioner Azezew Chane said the commission has been undertaking various measures to digitalize services since the introduction of the Digital Ethiopia 2025 strategy.

Digital economy is one of the main pillars of the economic sector in the Homegrown Economic Reform, he added.

Accordingly, the commission has established a digital system that enables importers and exporters to execute their activities online.

The Electronic Single Window (ESW system), which integrates more than 70 institutions, allows traders to submit all import/export related requirements in batch, playing a significant role in reducing process costs related with application, process delay and duplication of documents, the Deputy Commissioner noted. (ENA)

The Federation of Saudi Chambers announced the formation of the Saudi-Ethiopian Business Council, following the approval of the General Authority of Foreign Trade (GAFT), as well as the election of Abdullah bin Mohamed Al-Ajmi as chairman of the council, and Omar bin Abdullah Al-Kharashi and Misfer bin Musaed Al-Shahrani as vice presidents.
Al-Ajmi said that Ethiopia is one of the largest economic powers and markets in Africa, registering a GDP of about $205 billion in 2022. The establishment of the council aligns with the Kingdom’s directions to strengthen economic relations with African countries, and search for investment opportunities and new markets.
Al-Ajmi said that the volume of trade between the Kingdom and Ethiopia does not exceed SAR1.3 billion, adding that the council will serve Saudi exports and the targeted sectors in Ethiopia, which is propitious for investment and an essential outlet for trade with Central Africa.
The scope of cooperation covers promising sectors such as agriculture, metallurgical, petrochemical and food industries, tourism, real estate, and contracting. (SPA)

An interdealer market is a specialized trading platform where transactions occur primarily between banks and financial institutions, usually operating over-the-counter (OTC) rather than on a centralized exchange. It functions globally, characterized by tight bid-ask spreads, and involve large transactions.

The foreign exchange interdealer market is one of the better-known such markets and is characterized by large transaction sizes and tight bid-ask spreads. Currency transactions in the interdealer market can either be speculative (initiated with the sole intention of profiting from a currency move) or customer-driven (by an institution’s corporate clients, such as exporters and importers, for example).