The first meeting of the Egypt–Brazil Business Council will be held in Cairo during the first quarter of 2018, Minister of Industry and Foreign Trade Tarek Qabil announced.
The formation of the council’s board is complete as the Brazilian side has been appointed, Qabil said. He added that the council includes leading Egyptian and Brazilian food industries, chemical, glass, cement, cables, ceramics and equipment companies.
The new council will increase the infra-trade rates and investments between the two countries during the upcoming phase and it would help in solving the problems and obstacles that the face the bilateral relations between Egypt and Brazil.
the Egyptian minister has held a meeting with Rubens Hannun, the head of Arab-Brazilian Chamber of Commerce in Sao Paulo during which they discussed the update on the economic cooperation between Egypt and Brazil especially after especially after Mercosur-Egypt trade deal has gone into force last September.
Bilateral trade volume between Egypt and Brazil reached $867 million in the first nine months of 2017, compared to $478 million in the same period last year.
Main exports to Brazil include mineral and chemical fertilizer phosphate, fiber cotton, vegetables, fruits, and natural calcium phosphate, while the main Egyptian imports from Brazil are boneless cattle, frozen meat, yellow corn, sugar cane, soybean and iron.