Egypt, Djibouti sign framework agreement to boost trade, investment

Egypt and Djibouti signed a framework agreement protocol to strengthen trade and investment ties and expand market access for Egyptian products, Egypt’s Ministry of Investment and Foreign Trade said on Wednesday.

Investment and Foreign Trade Minister Mohamed Farid signed the protocol with Djibouti’s Minister of Trade and Tourism Orbis Helaf Orbis during a meeting at the ministry’s headquarters in Egypt’s New Capital.

Farid said Egypt’s diversified production and export base could meet Djibouti’s demand for a range of goods, including pharmaceuticals, fertilisers, agricultural and food products, electronics, and engineering products.

Egypt is working to facilitate access for its products to the Djiboutian market while promoting investment in sectors of mutual interest, he said.

Farid also called for stronger implementation of trade agreements under the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Area (AfCFTA) to boost trade and make better use of existing market-access opportunities.

Djibouti’s trade and tourism minister said the protocol marked an important step towards strengthening economic relations and creating new opportunities for trade and investment.

Djibouti’s strategic location at the entrance to the Red Sea offered opportunities for Egyptian products and investors to reach markets across the Horn of Africa, Orbis said.

Djibouti is committed to addressing barriers to trade and investment, facilitating market access between the two countries and expanding cooperation in trade, industry, agriculture, food security, and tourism, he added.

The two sides said the framework was intended to foster new business partnerships and promote sustainable economic cooperation.