Ethiopia’s Minister of Finance, Ahmed Shide, met with Randeep Sarai, Canada’s Secretary of State for International Development, to explore new avenues for strengthening bilateral ties in light of Canada’s newly launched Africa Strategy. The high-level meeting marked a renewed push for cooperation between the two countries, with Sarai presenting the strategy as a broad framework to boost economic partnerships, deepen diplomatic engagement, and align on global development goals.

At the center of the talks were shared priorities including the African Continental Free Trade Area (AfCFTA) and ongoing negotiations around a Foreign Investment Protection Agreement (FIPA). Sarai said the strategy is designed to promote long-term prosperity, fairness, and security—both in Canada and across Africa.

FIPA, if finalized, would offer Canadian investors legal protections such as binding international arbitration and safeguards against expropriation, while signaling Ethiopia’s commitment to attract quality foreign investment and reinforce investor confidence during a period of sweeping economic reforms.

The Minister welcomed the initiative and reaffirmed Ethiopia’s commitment to regional integration. He noted that Ethiopia has ratified the AfCFTA and remains actively involved in talks to finalize a bilateral investment accord with Canada.

The Minister also gave an overview of Ethiopia’s economic reform agenda, which has gained momentum since the country entered a program with the International Monetary Fund in July 2024. Over the past year, the government has pursued a sweeping set of fiscal, monetary, exchange rate, and financial sector reforms aimed at stabilizing the economy, lowering inflation, and attracting investment.

He said improved revenue collection has allowed for increased public investment in infrastructure and social services. On the monetary front, new policy tools have been introduced to improve liquidity management and control inflation, which has shown signs of easing in recent months.

Secretary Sarai commended Ethiopia’s reform progress and underscored Canada’s commitment to continue its development support. Ethiopia is currently one of the top recipients of Canadian international assistance. The meeting concluded with both sides reaffirming their readiness to deepen cooperation and jointly advance inclusive, sustainable development across shared sectors of interest.

Meanwhile, across the Atlantic, the United Kingdom is charting a parallel course with Africa. On July 17, 2025, UK Foreign Secretary David Lammy unveiled a new “Africa Approach” during a keynote address at Africa Debate 2025 held at London’s Guildhall. Lammy emphasized that the UK’s strategy was shaped by a five-month listening exercise involving African partners, focusing on growth, partnership, and opportunity. He described the approach as a blueprint for a mutually beneficial relationship centered on expanding business ties and supporting sustainable development across the continent.