President Abdel Fatah al-Sisi meets with Djibouti Foreign Minister Mahamoud Ali Youssouf in Cairo on September 12, 2019, press photo
CAIRO - 24 October 2019: The governments of Egyptian and Djibouti are holding negotiations on allocating a land plot for establishing a mega logistical zone that would help boosting intra-African trade, head of the Egyptian Commercial Service Office (ECS) Ahmed Antar said on Thursday.
This came during the meeting of the export committee at the Egyptian Businessmen Association (EBA) under Mostafa el Naggari and in the presence of Sherif Elgabaly, EBA board member and chairman of Economic Cooperation with Africa Committee along with several directors of departments concerned with trade representation.
During the meeting, the ECS chief said the logistical zone is one of the national projects that serve the State's strategy and approach aimed at facilitating trade and entrance to the African markets as well as beefing up exports.
Work is underway under the African Continental Free Trade Area (AfCFTA) which brings together 54 African countries, Antar said, adding that it will be implemented over several phases starting by goods and services trade in a way that will allow the liberation of 90 percent of African trade.
Antar pointed out that the articles of the convention will come into effect as of July 2020, hailing the future of the inter-trade between Egypt and Africa as promising mainly in light of Egypt's chairmanship of the African Union (AU).
The volume of inter-trade between Egypt and the African countries represents 15 percent of Africa's total trade with the world countries, he noted.