Egypt sets sights on $500 billion D-8 intra-trade target by 2030 – minister

Egypt said on Tuesday the D-8 group of developing Muslim nations is pushing to lift intra-bloc trade to $500 billion by 2030, more than triple current levels, as members move to activate long-discussed preferential trade agreements. Current intra-group trade stands at roughly $150 billion.

Speaking to reporters on the sidelines of the D-8 trade ministers’ meeting in Cairo, Egyptian Investment and Foreign Trade Minister Hassan El-Khatib said expanding the list of goods covered by preferential terms will be key to hitting the 2030 target.

The meeting adopted the Cairo Declaration, which places a strong focus on boosting small and medium-sized enterprises and start-ups — sectors that account for roughly 75 per cent of economic output in several member states. El-Khatib said improving access to finance, technical support, and regulation is essential to helping them scale and strengthen their role in regional value chains.

He said the bloc is also looking to bring the private sector more directly into its work through new business forums aimed at investors and industries with high trade potential.

Egypt expects the declaration’s implementation to spur investment, deepen economic integration and support job creation, he said, adding that the spillover effects would bolster the country’s development and employment prospects.

Attribution: Amwal Al Ghad English