Egypt is keen on reaching an African free trade agreement

CAIRO – 5 December 2017: Egypt’s government is keen on reaching an African free trade agreement with African governments to boost trade flow, Minister of Industry and Foreign Trade Tarek Kabil said Tuesday.

In a meeting with the African Union’s Commissioner for Trade and Industry, Albert M. Muchanga, Kabil discussed institutional measures, non-custom restrictions and technical challenges that have delayed the finalisation of the free trade agreement in Africa.

Heads of states will discuss free trade during the events of the Africa 2017 Forum “Business for Africa”, which is scheduled to take place later this week in Sharm El-Sheikh.

Bilateral trade between Egypt and other African countries in 2016 recorded $5.46 billion, $3.25 billion of which is exports, while the remaining amount is imports. In the first half of 2017, bilateral trade between both parties reached $2.43 billion, including $1.66 billion in exports.

Africa 2017 Forum is expected to be attended by President Abdel Fatah al-Sisi, as well as the Presidents of Comoros, Côte d'Ivoire, Guinea, Nigeria and Somalia. The conference is expected to include sessions on national projects, available investment opportunities in Egypt and rapid-growth companies in Africa, as well as an entrepreneurs’ forum.

It will also include several general sessions for discussing vital issues, including private economic zones, cities and urban development, renewable energy, power generation and distribution, long-term investment, reforms of the business environment, cross-border trade and investment among African countries, available investment opportunities in Africa and success stories of African women working in the field of business and investment.