The Council of Ministers has approved the New Draft Commercial Code of Ethiopia on its Cabinet session on June 13,2020. It passed the draft law for the legislative organ i.e. the House of People’s Representatives. It said on its report that The 1952 E.C(1960 G.C) Commercial Code of Ethiopia has administered the commercial business environment of the country for past 60 years. However new business concepts and technologies that happened after wards that were not anticipated by the earlier law need to be covered now. So Ethiopia need to promulgate a law that can step up to the existing and future business environment and economy of the country. And also anticipate and cover for business and commercial happenings for the coming years.