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Trade minister’s press statements on inking of Egypt-South Korea MoU
20 January 2022  -  Sector :  -  Entity :  -  Category : General

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The working group will study the feasibility of signing an economic partnership agreement and develop policies based on an assessment of the potential deal.

Cairo- Jan 20, 2022

Minister of Trade and Industry Nevine Gamea said, in press statements, that the memorandum of understanding (MoU) signed today between Egypt and South Korea in preparation for the conclusion of a joint economic partnership agreement aims to boost commercial and industrial cooperation between the two countries during the next period.

The MoU, she pointed out, stipulates the formation of a joint working group, headed by the ministry’s Agreements and Foreign Trade Sector and its counterpart on the Korean side, to study the feasibility of signing a trade and economic partnership agreement, determine its economic benefits and propose policies based on an assessment of the potential deal.

She added that the group’s final report will be submitted within six months of starting the joint study.

Gamea pointed out that South Korea could increase its exports to Africa by settling industries in Egypt, Africa’s gateway, and benefitting from its free trade agreements with the Dark Continent.

The minister further noted that Egypt-South Korea trade has flourished over the past years, registering $1.890 billion during the first ten months of 2021, up 46.9% from $1.286 billion during the same period in 2020.

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