Wrap up: Egyptian-Argentinean economic relations development

CAIRO –16 July 2017: After the ratification of the Free Trade Agreement (FTA) by the Argentinean parliament in May, Argentinean Prime Minister Gabriela Michetti met with Egyptian President Abdel Fatah al-Sisi on Sunday in Cairo in the framework of activating the agreement.

Both parties are keen to put into effect the role of the joint economic and trade committee in order to activate the FTA.

The visit also came in celebration of the two countries’ 70th anniversary of strong diplomatic relations and as a preparation for an upcoming visit of Argentina’s President Mauricio Macri to Egypt in light of Argentina's assumption of the chairmanship of the G20 in 2018.

Michetti first met with Foreign Affairs Minister Sameh Shoukry. Michetti’s two meetings included talks on cooperation between both countries in the fields of trade and investment, combating terrorism and extremist thoughts, and international issues.

Argentina is interested to cooperate with Egypt mainly in the sectors of agriculture, scientific research, technology, clean and renewable energy, education, culture, and sports.

In August 2010, Egypt signed a preferential Free Trade Agreement with the Mercosur countries (Brazil, Argentina, Uruguay and Paraguay), which grants Egyptian exports in Latin America privileges and reduces the cost of imports from member countries.

In 2013, Egypt ratified the agreement to open new markets for Egyptian products in Latin American countries and to increase exports.

In September 2016, Sisi met with his Argentinean counterpart on the sidelines of the G20 Summit in China.

In the same year, trade volume between Egypt and Mercosur reached $5.3 billion, of which Egyptian imports amounted to $110 million, and exports to $4.3 billion.

On May 23, the National Congress of Argentina ratified the FTA between Egypt and Mercosur (South American Common Market), to be the last member country to approve the agreement