Kabil urges slashing trade deficit between Arab, European states

CAIRO – 10 November 2017: Minister of Trade and Industry Tareq Qabil said Egypt and Greece play a key role in preserving security and stability in the Middle East and the Mediterranean region and in facing the political, economic and security challenges encountering its countries.

The minister made the remarks during his participation on behalf of the Egyptian president in the 2nd EU-Arab World Summit, held in Athens on Nov 9-10 in the presence of Greek Prime Minister Alexis Tsipras and Egyptian Ambassador to Greece Farid Monib.

The event was also attended by chairman of the Egyptian General Authority for Investment Mona Zobaa in addition to a number of Arab and European officials.

Qabil asserted President Abdel Fattah El Sisi’s confidence that Greece would succeed in achieving convergence between Arab states and European countries through its sponsorship of a number of economic and cultural events.

The minister also underscored the importance of bolstering cooperation to slash trade deficit between Arab nations and European states.

Statistics reveal that Arab countries contribute by less than 10 percent to European trade, while trade deficit between the two sides almost doubled despite geographical proximity and mutual interests they share, Qabil said.

Meanwhile, the minister noted that the European Union is the biggest investor in the Egyptian market, representing about 75 percent of the direct foreign investments in the country over the past years.

He also pointed out that 22.7 percent of Egypt’s exports are directed to the European Union.

In the same regard, Qabil indicated that joint trade between Cairo and the European Union registered euro 26 billion in 2016, which he said has doubled compared with 2004.