Egypt seeks to finalize free trade agreement with south region of Brazil

The Trade and Industry Ministry seeks to finalize the free trade agreement with the south region of Brazil along with the agreement with the three African economic blocs, said Minister Tarek Qabil.

Egypt has several trade agreements with COMESA, the EU and GAFTA, he said during a press conference held on Sunday, adding that Egypt seeks to make use of them to develop its exports and increase the volume of trade exchange.

He also said that the ministry will benefit from the trade representation offices in the various world countries.

Before Egypt signed COMESA agreement, the volume of trade exchange reached about 200 million pounds, he said, noting that the volume of trade exchange went up to 2.9 billion pounds after signing the agreement.

Regarding talks on the establishment of a free trade zone between the US and the EU and the impact of this on Egypt, Qabil said that a study will be held regarding this matter to see how far it will affect Egypt.

He added that the EU is considered a main trade partner to Egypt.

Regarding the file of faltering factories, Qabil said that an agreement was reached with the planning ministry to establish a fund to solve problems of the faltering companies.

The minister, meanwhile, said that there is an approach to suspend holding exhibitions at Cairo International Convention Center until all equipment of the civil defense is installed.

The move came to prevent the eruption of a fire such as the one in April, he added.

This issue will be raised during the meeting of the economic group, he added.

Source: MENA