African-Egyptian trade exchange volume hits $2.4 bln in H1

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The volume of trade exchange between Egypt and African countries registered $2.431 billion during the first half of 2017, said Egypt’s Minister of Trade and Industry Tarek Qabil on Tuesday.

Qabil further added that the $2.431 billion include exports worth $1.663 billion, while the remaining amount is for imports.

“The trade exchange reached around $5.046 billion last year, encompassing Egyptian exports of $3.245 billion and imports of $1.792 billion,” the Egyptian minister noted.

Qabil made his remarks during a meeting with Ambassador Albert M. Muchanga, African Union’s Commissioner for Trade and Industry, where they discussed the institutional measures, non-custom restrictions, and technical challenges that have delayed the finalisation of the free trade agreement in Africa.

They will discuss free trade during Business for Africa Forum, which will take place in Sharm El-Sheikh within this week.

Africa 2017 Forum is expected to be attended by Egypt’s President Abdel Fatah al-Sisi, and Presidents of Comoros, Côte d’Ivoire, Guinea, Nigeria, and Somalia.

The event is expected to include sessions on national projects, available investment opportunities in Egypt and rapid-growth companies in Africa as well as an entrepreneurs’ forum.