Egypt seeks to strengthen trade with rest of continent

By mahlokoane percy ngwato

Stay Connected! Follow @AfricaBizReview and @MrNLon on Twitter. Like our Facebook Page.

Egypt’s Ministry of Industry and Foreign Trade is looking to double its exports of agricultural crops and is looking to African markets to realise this goal.

RELATEDDHL: collaboration essential to successful African trade

Through free trade agreements with Nigeria and Senegal (with more between West and Central Africa on the way) the North African nation is seeking to trade with notable African markets such as the International Maritime Organisation (IMO), and the Economic and Monetary Community of Central Africa (CEMAC).

RELATED: UPDATE: Tensions between USA and SA continue to rise over AGOA trade deal

Egypt’s Minister of Industry and Foreign Trade, Mounir Fakhry Abdel Nour, highlighted that Egypt had already reached a preliminary agreement with IMO in 2004. After negotiations were halted, the ministry is now seeking to reach a final agreement through the current negotiations.

RELATED: Leaders sign historic 'Cape to Cairo' free trade deal

Abdel Nour added that the volume of African total product amounts to $2.5 trillion, that annual exports amounts to about $599.5 billion and that total annual imports are worth $605 billion. However, Egypt’s share of these amounts is no more than $4 billion.

Egypt is developing its trade relations with the rest of the continent based on three approaches:

1) Re-forming Egypt’s mutual interests with other African countries, moving from merely water-based interests to achieving broader economic outcomes

2) Strengthening Egypt’s presence in African markets by leveraging its commodities; the ministry seeks to transform the country into a major supplier of goods to needy African countries

3) Increase the size of the technical assistance provided by Egypt which assist with social and economic development.

 Abdel Nour said: “The ministry implemented important steps to strengthen cooperation with Africa, including the signing an agreement with the African export-import bank for the allocation of a credit line worth $500m to finance Egyptian exports to the African markets. Furthermore, encourage the hosting of expos for African products in Egypt, which took place with the Food Africa expo.”

Egypt has launched the tripartite Free Trade Area (FTA) agreement between the main three economic blocs in Africa: the COMESA, The East African Community (EAC) and the Southern African Development Community (SADC) to facilitate trade between the member states.

Read the August Issue of African Business Review. 


Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM