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Egypt and three African economic blocs to sign FTA

by ChemOrbis Editorial Team -
  • 08/06/2015 (17:53)
According to local media reports, Egypt and three economic blocs in Africa, namely the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) will sign a free trade agreement (FTA) at a tripartite summit taking place between 7-10 June in the city of Sharm el-Sheikh, Egypt to boost and facilitate trade between the parties through the liberalization of trade in goods and services. The agreement reportedly will bring together a total of 26 countries.

The new FTA will pave the way for the removal of import tariffs and quantitative restrictions on imports and exports as new measures will be applied in order to facilitate cooperation between customs authorities and the adoption of anti-dumping measures and countervailing duties, stated Egypt’s Industry and Trade Minister, Mounir Fakhri Abdel-Nour. Egypt expects to increase its exports to African countries by 100% in the next three years to $5 billion and exports will mostly include engineering products, textiles, chemicals, furniture and agricultural products. Egyptian investors will also enjoy greater freedom to invest in these African countries under the proposed agreement.

Meanwhile, Abdel-Nour reportedly also stated that Egypt has agreed with the African Development Bank to provide credit facilities worth $500 million to Egyptian exporters to support Cairo’s trade ties with African countries.
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