Egypt parliament gives final approval for Agadir free trade deal

Egypt’s parliament endorsed Tuesday the presidential decree No. 555/2016 approving an agreement on the recognition of the Agadir authorized economic operator (AEO) signed by the four member countries; Egypt, Jordan, Tunisia, and Morocco.

Granting AEO status to any economic operator meeting certain standards is a way to save time and money and ensure an easy flow of commodities within the country or abroad.

Under the system, enterprises can apply for AEO status and thus benefit from facilitations, either through easier access to customs simplifications or advanced favourable positions.

Egypt signed the Agadir agreements on September 8, 2015 with Tunisia, Morocco, and Jordan.

Agadir Agreement is named after the Moroccan city where the process to set up the pact was launched in May 2001; it was signed in Rabat in February 2004.

The purpose of this agreement is to facilitate integration between Arab states and European Union (EU) under the broader EU-Mediterranean process, but it has other ramifications as well.

The accord aims at boosting the competitiveness of member countries and allowing their products into EU markets, besides expanding cooperation, commercial exchange and free trade between the four participating states.

 

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