The “Mercosur” agreement is a free trade agreement between Egypt and the countries of the grouping, which is an economic bloc of the Common Market of Southern Latin American countries, and this grouping includes (Argentina, Brazil, Uruguay, and Paraguay).
The new tranche of customs cuts comes as a continuation of the list of goods that were completely freed from customs duties during September last year, which included about 600 goods.
Gamal added during a seminar organized by the Agricultural Export Council that since the entry into force of the agreement in 2017, the volume of Egyptian exports has doubled, rising from $113.1 million in 2016 to $395.8 million in 2020, while the volume of Egyptian imports declined from $4 billion in 2016 to $3 billion in 2020.
The MERCOSUR agreement support increasing exports to the different international markets and opening new horizons for the Egyptian products, Gamea' said.
The Egyptian-Brazilian Business Council is seeking to attract new Brazilian investments in several fields.
Trade Minister discussed with a delegation of the Federation of Muslims Associations in Brazil boosting economic activities.
Under the MoU, the ports will offer trainings and exchange of expertise.
A Brazilian trade delegation will arrive in Cairo next week to discuss ways of boosting commercial relations between Egypt and Brazil.
The forum hosted approximately 400 people, including government authorities, diplomats, economists, executives and entrepreneurs.
Egypt’s cement exports in 2017 increased 242 percent year-on-year to reach 2.75 million tons.
Within 10 years, there will be free trade between Egypt and Mercosur countries, Brazilian Ambassador to Egypt Ruy Amaral said Tuesday.
The Egypt-Mercosur trade agreement will help Egypt increase investment and foreign trade flows through cooperation with South American countries.
A delegation from Egypt's Ministry of Industry and Trade participated Thursday in the first joint committee meeting of Egypt-Mercosur Free Trade Agreement.
The delegation included Head of Egyptian Commercial Service, Executive Chief of Export Development Authority and a number of Egyptian businessmen.
A wrap-up for the most prominent business news of the day.
The customs will continue to drop until they are completely eliminated in 10 years.
Argentina said Wednesday that it has sent the regional bloc Mercosur its ratification of the group's 2010 trade agreement with Egypt
Kabil said Monday an Egyptian delegation gathering government officials and businessmen would visit the four member states of the Mercosur in the coming period.
Trade volume between Egypt and Mercosur, the South American trade bloc that includes Brazil, Argentina, Uruguay and Paraguay, stood at $5.3 billion last year.
President Abdel Fatah al-Sisi and Uruguayan President Tabaré Vázquez stressed the importance of expanding trade relations and encouraging bilateral investments.