Trade exchange between Egypt, Morocco hits $681M

CAIRO - 3 February 2020: Minister of Industry Neven Gamaa said Monday that the volume of trade exchange between Egypt and Morocco hit dlrs 681 million in 2019, including dlrs 540 million of Egyptian exports to the Moroccan market and dlrs 141 Egyptian imports from the kingdom.

The minister's remarks were made during her meeting with Moroccan Ambassador in Cairo Ahmed al Tazy as they reviewed means of bolstering economic cooperation between the two countries in the coming phase.

During the meeting, Gamaa asserted the importance of activating joint action in order to achieve industrial integration and increase exports to European, Arab and African markets.

She also underlined the importance of bilateral cooperation under Aghadir Agreement which has helped in upgrading the industrial products in the four signatory countries with the aim of exporting to the European market.

The minister also pressed the need for exchanging expertise in the economic field especially the exchange of advanced technologies and training programs.

In 2004, Cairo signed Agadir Agreement which is a free trade agreement involving four Arab countries: Egypt, Jordan, Morocco and Tunisia. The agreement which came into force in 2007 has helped enhance trade exchange between its member states.

The Moroccan ambassador, for his part, asserted his country's keenness on beefing up economic ties with Egypt in view of the deeply-rooted historical and political relations binding the two countries.

He also called for the promotion of economic relations and encouraging partnerships between the two sides' private sectors so as to provide promising investment opportunities in the Egyptian and Moroccan markets.