Agadir agreement states trade exchange with Egypt hit $500mn

The total volume of Egyptian trade exchange with sates of Agadir agreement is estimated at around US$500 million annually, Trade Minister Tarek Qabil announced Sunday.

Agadir Agreement is a free trade agreement signed between Egypt, Jordan, Morocco and Tunisia aiming to facilitate integration between Arab states and the EU under the broader EU-Mediterranean process.

Qabil said that there is a plan to remove all obstacles that face Egypt’s trade movement with the three states within the upcoming period in order to boost trade exchange indicators, adding that Lebanon and Palestine are set to join the agreement.

He pointed out that his meeting with a number of trade ministers of Agadir states did not discuss the possibility of establishing logistics zones to link four states with each others.

Minister Qabil added that European Union has provided €4 million to fund new phase of technical support activity, accordingly activating the EU-Mediterranean cooperation in all economic fields within the upcoming period.

He pointed out that the ministry designed work strategy for activities of the technical unit that focuses on activities of private sector and enhancing exports through sending promotional visits and commercial delegations.

In addition, the ministry aims at creating mutual projects and enhancing activities of Small and Medium-sized Enterprises (SMEs) as well as facilitating trade.

Agadir agreement was launched in May 2001 and signed in Rabat in February 2004 and came into force in March 2007.