Egypt to narrow trade deficit by 50% in 2020: minister

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Egypt hopes to cut its trade deficit by 50 percent in 2020 as part of efforts to encourage domestic industries and boost exports, Trade Minister Tarek Qabil said Wednesday.

Speaking at a meeting with Moody’s delegation, Qabil said Egypt had narrowed its trade deficit by $18 billion over the past 18 months since the beginning of 2016.

Egypt has large trade connections thanks to its free trade agreements with several major economic blocks worldwide, which in return would help its exports enter various markets, the minister added.

The ministry of trade is taking steady steps to achieve its strategy that aims to boost domestic industries and foreign trade by 2020 in line with the Egyptian government’s 2030 scheme for sustainable development, Qabil said.