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Egypt eyes further economic ties with Brazil

Egypt State Information Service (Cairo) | 29 August 2014

Egypt eyes further economic ties with Brazil

Industry and Trade Minister Mounir Fakhry Abdel Nour said the Egyptian government is keen on boosting economic and trade ties with Brazil as South America’s most influential country and the continent’s largest economy.

He pointed out to the necessity of activating Egypt-Mercosur free trade agreement that Egypt has signed in 2010 with the Southern Common Market economic bloc.

He said that the agreement is an important tool to promote trade movement and allow the Egyptian exports to enter the Latin American markets.

The minister made these remarks during his meeting on Thursday in Cairo with Brazilian Agriculture Minister Neri Geller.

"Egypt has already undertaken all the procedures for adopting and enforcing the convention and is waiting for the approval of the other countries’ parliaments to put the agreement into effect," said Abdel Nour.

The Egyptian minister stressed the need to further promote the Egyptian-Brazilian economic ties, noting that the trade volume between the two countries hit USD 2 billion last year.

 source: ESIS