File Photo: Eritrea's President Isaias Afwerki
Eritrea's president will make a historic visit to Ethiopia this weekend, cementing a stunning rapprochement with his giant neighbour after a generation of mutual hate and mistrust.
Isaias Afwerki will arrive in Ethiopia on Saturday, Eritrea's Information Minister Yemane Meskel said on Friday, after the neighbours declared on Monday that their "state of war" was over.
The rapid changes come after Ethiopian Prime Minister Abiy Ahmed launched a peace initiative last month. He visited Eritrea's capital last weekend and signed a pact with Isaias on resuming ties, a move that ended a near 20-year military standoff after a border war.
"President Isaias Afwerki will lead a delegation and pay an official visit to Ethiopia tomorrow, 14th July," Yemane tweeted.
"The visit will cement further/add momentum to the joint march for peace and cooperation set in motion by both leaders."
The Horn of Africa neighbours have agreed to open embassies, develop ports and resume flights, in concrete signs of rapprochement after two decades of hostility since war erupted over their disputed border in 1998.
Abiy's chief of staff tweeted the visit will last three days.
The reconciliation could transform politics and security in the volatile Horn region, which hundreds of thousands of young people have fled in search of safety and opportunities in Europe.
Under the new reformist prime minister, Ethiopia is opening up to the outside world after decades of security-obsessed relative isolation.
Since he took office in April, Abiy has announced plans to partially open up the economy, including attracting foreign capital into the state-run telecoms company and national airline. The country, with a population of 100 million people, has seen rapid economic growth over the past decade.
U.S. stock index futures dropped sharply on Wednesday after the United States threatened tariffs on an additional $200 billion worth of Chinese goods, dampening hopes of a compromise on trade.China's commerce ministry called the U.S. actions "completely unacceptable", adding that Beijing will have to respond to the latest moves by Washington.Most people think world is more dangerous than two years agoGlobal stocks were under pressure overnight, with Chinese markets taking the biggest hit. The Shanghai Composite index dropped 1.8 percent, while China's blue-chip CSI300 index declined 1.7 percent.U.S. officials on Tuesday issued a list of thousands of Chinese imports that the Trump administration wants to target with new tariffs, including hundreds of food products, as well as tobacco, chemicals, coal, steel and aluminum.There is a two-month period of public comment on the latest proposed list before the tariffs get imposed. President Donald Trump has said he may ultimately target more than $500 billion worth of Chinese goods - roughly the total amount of U.S. imports from China last year.India cuts Iranian oil imports in June ahead of US sanctionsAmong premarket decliners, Boeing and Caterpillar fell around 1.5 percent each and U.S. Steel 2 percent.Intel, Broadcom, Micron Technology, AMD and Nvidia were down between 1.3 percent and 3.7 percent.Industrial and metal companies, as well as chipmakers have been the worst hit since Trump first threatened tariffs in early March as they are largely reliant on China for businesses.Ethiopia says re-opening roads to Eritrea's Red Sea ports a priorityAt 7:09 a.m. ET, Dow e-minis were down 198 points, or 0.79 percent. S&P 500 e-minis were down 18.25 points, or 0.65 percent and Nasdaq 100 e-minis were down 55.25 points, or 0.76 percent.Facebook, Amazon, Apple, Netflix and Alphabet were all down about 1 percent.U.S.-listed shares of Chinese companies also tumbled, with e-commerce giant Alibaba falling 1.7 percent, and JD.com and Baidu down 1.8 percent each.However, TripAdvisor's shares rose 1.9 percent after Barclays upgraded the stock to "overweight" rating.
Futures drop after US threatens more China tariffs
Landlocked Ethiopia wants to make the re-opening of two roads connecting it to two of Eritrea's Red Sea ports a priority in the two nations' reconciliation process, a government spokesman said on Wednesday.In a move that ended a 20-year military stand-off, the Horn of African neighbours agreed on Monday to open embassies, develop ports and resume flights.The historic reconciliation could transform politics and security in the volatile Horn region, which lies along one of the world's busiest shipping routes.Ethiopian government spokesman Ahmed Shide said on Wednesday that the reopening of two critical roads leading to the ports of Assab in Eritrea's south and Massawa in the north would benefit the whole region."The unfolding developments will not only benefit our peoples, but the entire Horn of Africa region will be a part of these developments," Shide was quoted as saying in an interview published on the Eritrean information ministry's website.Turkey hails Ethiopia-Eritrea peace effortsEthiopia to roll out Eritrea deal fast to 'make up for lost opportunities'Ethiopian Airlines says will resume flights to Eritrea's capital AsmaraEthiopia, Eritrea agree to reopen embassiesAlso on Wednesday, Ethiopian President Abiye Ahmed's chief of staff wrote on Twitter that Ethiopian and Eritrean passport holders would be able to travel to the other country and obtain visas on arrival.The changes are sweeping away years of hostility and raising hopes in both countries for a lucrative peace dividend.Access to the ports of Assab and Massawa could greatly help Ethiopia's push to boost their exports and increase hard currency earnings, analysts say.The country of 100 million is heavily dependent on ports in tiny neighbour Djibouti, but since Abiy took office, has also negotiated access to a port in Sudan.
Ethiopia says re-opening roads to Eritrea's Red Sea ports a priority
Turkey welcomes recent efforts by Ethiopia and Eritrea to restore relations between the two countries, the Foreign Ministry said on Tuesday.In a written statement, the ministry said: “As a country attaching importance to stability in Africa, Turkey welcomes the steps taken towards the normalization of relations between Ethiopia and Eritrea and the Joint Declaration signed between Eritrea and Ethiopia on 9 July in Asmara, during the visit of H.E. Dr. Abiy Ahmed, Prime Minister of Ethiopia, to Eritrea.”The declaration was signed Monday during a landmark summit between the leaders of the two countries in the Eritrean capital.Ethiopia to roll out Eritrea deal fast to 'make up for lost opportunities'Ethiopia, Eritrea agree to reopen embassiesEthiopian leader visits Asmara for historic peace talksThe “state of war that existed between the two countries has come to an end,” Eritrea's Information Minister Yemane G. Meskel wrote on social media.“We believe that the normalization of relations between the two neighboring countries and people will support the development and prosperity of both countries and will enable a conducive environment for peace, stability and comprehensive cooperation in the Horn of Africa region,” the ministry statement added.After Eritrea seceded from Ethiopia in 1993, border wars broke out.Some 70,000-80,000 people were killed on both sides when the two neighbors fought a bloody war in 1998-2000.
Turkey hails Ethiopia-Eritrea peace efforts