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Ministry of Industry and Trade to negotiate Egypt-EAEU free trade - Daily News Egypt

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Ministry of Industry and Trade to negotiate Egypt-EAEU free trade

The final ratification of the Mercosur agreement will be done soon, says Kabil

Tarek Kabil, Minister of Industry and Trade said that reforms conducted by the government to improve the investment climate are considered the basic foundation for attracting more Arab and foreign investments to the Egyptian market. He pointed out that what has been achieved during the past two years with regards to infrastructure projects, the electricity sector, and the expansion of the Suez Canal is considered an important step in correcting the economy and to regain Egypt’s place as one of the most important economies in the region and the world.

This came during a large meeting held by the minister on Sunday with members of the joint Egyptian- Jordanian businessmen association in the presence of Hamdi Al Taba’a, chairperson of the Jordanian Businessmen Association (JBA), and Ali Eissa, chairperson of the Egyptian Businessmen Association.

The meeting was held to discuss ways of boosting economic and trade cooperation between the two countries in the next phase, especially in light of the changes taking place in the region.

Kabil disclosed that free trade negotiations between Egypt and the Eurasian Economic Union (EAEU) will begin very soon, as well as the final ratification of the Mercosur agreement which will provide great opportunities for the flow of Egyptian exports to Eurasian and Latin American markets.

He noted that businesspeople in Egypt and Jordan should take advantage of the trade agreements system that connects the two countries by creating opportunities for joint cooperation in the African market—especially in light of the ministry’s strategy to export to Africa.

“The Egyptian government has taken serious steps towards improving the business climate and environment by issuing legislative systems stimulating investment, and the new investment law comes on top of them, which will be introduced soon to the parliament for approval,” Kabil said. “The law includes a package of incentives and guarantees for encouraging investment in various sectors and geographic regions.”

Kabil believes that Egypt’s relations and trade agreements with various countries and blocs make it one of the most important investment destinations on a regional and international level.

Al Taba’a said that there are a number of investment opportunities for the development and promotion of mutual cooperation, including the information technology sector, which is one of the most promising investment sectors in Jordan; as well as the health sector, where many skilled doctors who received their education in Egyptian universities are hired.

He pointed to the importance of boosting cooperation between the two countries in the field of tourism, and to promote tourism to take advantage of the sector in both countries by designing unified tourist programmes for foreigners covering both countries.

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