Egypt can be the gateway for South American products into Arab, African and Middle East markets.
Minister of Trade and Industry Tarek Kabil delivered a speech, on behalf of Egypt’s President Abdel Fattah al-Sisi, at the 51st Summit of the Heads of States of Mercosur and Associate States, currently held in Brasilia, Brazil.
“Egypt regards the region of Latin America as a priority in political, economic and trade relations; and considers the Mercosur as a cornerstone for strengthening such relations,” Kabil said in his keynote speech.
He added that the free trade agreement signed with the Mercosur would help boost Egypt’s exports to Latin American markets. On the other hand, Egypt can be “the gateway for South American products into Arab, African and Middle East markets.”
With trade volume exceeding $3.3bln yearly, Kabil stressed that more efforts need to be done to achieve a positive trade balance with the Mercosur countries, which is largely in the bloc’s favor.