Xinhua | November 02, 2006

Egypt, Eropean trade group agree on free trade zone

Egypt and the European Free Trade Association (EFTA) have agreed to establish a free trade zone between the two sides, Egypt’s news agency MENA reported on Wednesday.

According to the report, the agreement was contained in a memorandum of understanding signed by the two sides after their three-day talks.

The agreement will help Egyptian agricultural and foodstuff products enter EFTA markets, Egyptian Minister of Trade and Industry Rasheed Mohammed Rasheed was quoted as saying.

Sayyed al-Bos, an adviser to Egyptian Trade and Industry Minister, also hailed that the agreement stipulated liberalization of agricultural products trade, protecting intellectual property rights as well as setting up an arbitration authority to settle disputes between the two sides.

The legal procedures of the agreement will be completed by January 2007.

The EFTA member states include Iceland, Liechtenstein, Norway and Switzerland.