Amid Brexit, Egypt, Britain Sign Free Trade AgreementSource: www.export-egypt.com 12/7/2020, Location: Africa |
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Egypt and Britain signed an agreement establishing a trade partnership between the two countries, which will go into effect on January 1 after the United Kingdom leaves the European Union.
The new agreement includes the same benefits listed in the EU-Egypt Association Agreement, which will end due to Britain’s Brexit deal with the EU. The agreement establishes free trade between the two countries in industrial, agricultural, food, and fish products. It also constitutes an important framework to ensure the continuation of preferential trade treatment for the products of the two countries. The two sides pledged to work together to achieve greater free trade in agricultural commodities, in addition to enhancing joint cooperation between the customs authorities in the two countries to remove any practices that slow trade. The countries also agreed to work to increase the flow of British capital, expertise, and technology into Egypt. Total trade on goods and services between the UK and Egypt was worth £3.5 billion in 2019. Egypt is an important market for UK exports, weighing in at £2.3 billion in 2019 (£1.5 billion in goods exports, £0.8 billion in services exports). Major goods exports to Egypt last year included metal ores (£235 million) as well as medicinal and pharmaceutical products (£111 million). Major imports to the UK in 2019 included intermediate electrical goods (£193 million), and vegetables and fruit (£160 million). “Consumers and businesses will continue to benefit from more choice and lower prices on goods imported from Egypt,” the British Foreign Ministry said in a statement . |
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