Egypt-Brazil committee to be formed to boost business ties

CAIRO – 12 December 2017: "A joint economic committee between Egypt and Brazil will be established to increase commercial and service cooperation between both countries," Minister of Industry and Foreign Trade Tarek Kabil said Tuesday.

In a meeting with Brazilian Minister of Foreign Affairs Aloysio Nunes and Minister of Development, Industry and Foreign Trade Marcos Pereira, Kabil said that Egyptian exports to the Brazilian market soared 102 percent this year.

"Bilateral trade volume between Egypt and Brazil reached $867 million in the first nine months of 2017, compared to $478 million in the same period last year," Kabil added.

Main exports to Brazil include mineral and chemical fertilizer phosphate, fiber cotton, vegetables, fruits, and natural calcium phosphate, while the main Egyptian imports from Brazil are boneless cattle, frozen meat, yellow corn, sugar cane, soybean and iron.

Trade volume between the two countries stood at $ 1.772 billion in 2016.

The economic relation between both countries is growing. Last week, an Egyptian official delegation attended the Brazilian-Egyptian business Forum, which has taken place in Sao Paulo, Brazil, to discuss developing business ties.