Egypt-Brazil trade exchange hit $2.5 billion in 2021: Min. tells Arab-Brazilian economic forum

CAIRO – 4 July 2022: Brazil is Egypt’s largest trade partner in Latin America with trade exchange hitting $2.5 billion in 2021, Egyptian Minister of Trade and Industry Nevine Gamea has said.

Gamea made the remarks in a speech via video conference during the Economic Forum Brazil and Arab Countries held by the Arab Brazilian Chamber of Commerce (ABCC) on Monday.

The forum was attended by Brazilian President Jair Bolsonaro, President of ABCC Osmar Chohfi, and a large number of ministers, ambassadors, and representatives of diplomatic missions.

During her speech, Gamea highlighted special investment opportunities for the Brazilian business community in the Egyptian market in the fields of industry, transportation, spare parts, medicine, engineering and textile industries, and renewable energy.

Gamea invited all partners in Brazil to visit Egypt to see the progress of the Egyptian economy achieved over the past eight years to identify opportunities for cooperation in all fields.

The minister also invited the partners in Brazil to benefit from free trade agreements Egypt have signed with more than 80 countries, which enable the exportation of goods to those countries without customs duties.

The free trade agreement between Egypt and the Mercosur countries, which entered into force in 2017, plays a pivotal role in promoting trade between Egypt and the countries of the grouping, especially Brazil, Gamea said.

She added that the agreement contributed to boosting the competitiveness of Egyptian exports and enhancing its access to Brazil and all other Mercosur countries.

After the agreement entered into force, the Egyptian exports to Brazil rose from $155 million in 2017 to $541 million in 2021, the minister said, noting that the agreement provided access to many strategic goods at competitive prices.

During her speech, Gamea highlighted the importance of transforming economic relations between the Arab countries and Brazil from the stage of import and export to the stage of actual partnership.

She added that the current global situation requires the formulation of an integrated vision to deal with urgent challenges, including fluctuations in food and fuel prices and the challenges to deal with climate change.

The current period is witnessing an unprecedented momentum with regard to official visits of business delegations between Egypt and Brazil, Gamea said, adding that this opens new venues in various economic fields between the two countries.