Egypt-EU trade hits $13.4 bln in six months

Bilateral trade between Egypt and the European Union recorded $13.4 billion during the first six months of 2018, the Egyptian trade and industry minister Amr Nassar stated.

European investments in the Egyptian markets have reached $15.1 billion, according to the minister.

The UK tops European investors in Egypt, with total investments of $5.3 billion, followed by Netherlands, Italy, and France with investments amounting to $2.5 billion, $1.48 billion, and $1.3 billion, respectively, Nassar revealed.

By May 2017, EU financial assistance to Egypt amounted to over 1.3 billion euros in grants, with 45 percent of the figure targeting economic and social development, according to the European Commission.

Last July, Egyptian Foreign Minister Sameh Shoukry participated in the seventh EU-Egypt Association Council, which was held for the first time since April 2010.

The meeting discussed enhancing the partnership between Egypt and Europe in accordance with the association agreement signed between both parties, which details the cooperation priorities between Egypt and the EU for the coming three years.

The association agreement includes the facilitation of trade between the two markets through the establishment of a free trade area.

Source: Ahram Online

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