The UK-Egypt Association Agreement was signed in early December 2020, taking effect in January 2021. One of the trade agreement’s main objectives is to ensure stable and predictable continuation of trade relations between both countries.
Last Tuesday, A virtual press conference was held by the British Egyptian Business Association (BEBA), titled ‘Egypt-UK Trade agreement: Unleash New Opportunities for UK and Egyptian businesses’.
During the event, Paul Mullard, senior advisor at the UK Department for International Trade (DIT), said that the Egypt-UK agreement provides confidence to business and trade between the two countries.
It will ensure that it continues on almost the same terms as secured in the EU-Egypt Association Agreement. Consequently, business in general will not be affected by drastic change in terms of trade and applying the UK-Egypt Association Agreement.
Iman Refaat Nasr, General Director of Trade in Goods, Trade Agreements and the Foreign Trade sector at Egypt’s Ministry of Trade and Industry, said they are currently preparing for several meetings with the business community in Egypt. These will include export councils, the Federation of Egyptian Industries (FEI), as well as the Egyptian Export Association (EEA), in order to hear from them and to share information.
Nasr noted that, according to UK statistics, imports of fruits and vegetables into the UK was £11.5bn, whereas exports were £1.3bn, so there is a gap that Egypt could play a crucial role in it.
Source: dailynewsegypt.com
