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.