Minister of Industry Tarek Kabil- File Photo
CAIRO – 2 August 2017: The Trade and Industry Ministry’s Export Development Authority (EDA) and the Egyptian Exporters Association (Expolink) signed a memorandum of understanding (MoU) to develop exports, Minister of Industry Tarek Kabil said in a Wednesday statement.
The agreement will work on boosting exports, especially to the African market through participating in exhibitions, organizing trade missions, securing information about other markets and offering training services to participants.
Kabil said the three-year agreement will facilitate procedures for companies to participate in international exhibitions.
Last month, Kabil issued a decree to amend Law no. 118, 1975 and to tighten monitoring measures of imports and exports.
As per the amendments, the ministry would implement the electronic linkage between relevant authorities, cut the number of needed documents and ensure their effectiveness to reduce the trade cost.
Egypt’s trade deficit declined by 48 percent in the first four months of 2017, standing at $8.5 billion, compared to $16.2 billion in the same period last year, Kabil said in May.
The decline is attributed to a 14 percent hike in exports during that period, standing at $7.43 billion, up from $6.54 billion in the same period of 2016, Kabil added.
Meanwhile, imports from Egypt declined 30 percent, to record $15.9 billion, compared to the $22.7 billion registered in the corresponding period last year.