Egypt's commitment to multilateral commercial system: Min.

CAIRO - 20 February 2018: Minister of Industry and Trade Tarek Kabil on Tuesday asserted Egypt's full commitment to the multilateral commercial system, given the fact that Egypt is a founder of the World Trade Organization (WTO).

Addressing a WTO meeting in Geneva, he said that Egypt is also an active party to the General Agreement on Tariff and Trade (GATT).

He underlined the necessity of preventing unfair protectionist policies in international trade.

Egypt is well aware of the important role undertaken by international trade in enhancing economic growth and improving the living conditions of peoples, he said, adding that Egypt has adopted clear trade policies with a view to achieving integration with the world economic order and encouraging tapping new markets at the local, bilateral regional and multilateral levels.

Egypt has experienced major developments at the political and economic levels since 2005 where the economic growth rate in the period from 2005-2011 hit 5-7 percent annually.

In 2011, growth rate plummeted after January revolution due to sluggish economic activities and political fluctuations, he added.

The current economic program that is adopted by the Egyptian government is based on achieving holistic economic stability, introducing structural reforms for reviving the national economy and enhancing social protection programs, he expounded.

These measures included liberalizing the exchange rate, creating more jobs and reforming the taxation system, he pointed out.