Egypt aims to boost trade with Africa by 20%

Egypt is seeking to expand its trade with Africa by 20 per cent in the coming five years, head of Egyptian Trade Representation Authority, Yahya Al Watheq Bi Allah, told Asharq Business on Monday.

Al Watheq also said that Egypt is seeking to implement the African Continental Free Trade Area (AfCFTA) by the end of 2024 to help trade reach $7.4 billion.

The AfCFTA is a trade agreement between 49 member countries of the African Union aiming to establish a unified market in Africa, as well as free trade and a unified currency.

Two more African countries to ratify AfCFTA this year

To date, 47 countries of the 49 have ratified the agreement, including Egypt, Al Watheq added.

The Egyptian official also said that he expects the remaining two countries are expected to ratify the agreement by the second half of 2024.