The Egyptian Minister of Trade and Industry Nevin Gamea announced the start of implementing a customs reduction for 6,900 commodities exchanged between Egypt and the Mercosur countries, starting from September, within the framework of the free trade agreement.
Gamea pointed out that the most important items of these goods included in the third and fourth lists of the agreement include lint, textiles, engineering goods, glass and crystal.
The minister explained in a statement today that there has been a remarkable development in economic and trade relations between Egypt and the Mercosur countries during the past 4 years, since the conclusion of the free trade agreement between the two sides and its entry into force in September 2017.
She indicated the ministry's keenness to benefit from the markets of all member states of the assembly, which includes about 260 million people, and to use it as a hub for Egyptian exports to reach the markets of the countries of the South American continent.
On his part, Ibrahim al Seginy, assistant minister for economic affairs and supervisor of the Agreements and Foreign Trade Sector at MTI, explained that the customs reductions that will be implemented include a customs reduction of about 62.5% on Egyptian exports of goods included in the third list, which includes more than 3,400 commodities, in addition to a customs reduction for goods included in the fourth list by about 50%, which includes about 3,500 commodities.
Al Seginy pointed out that, since the entry into force of the agreement, Egyptian exports to the Mercosur countries have increased significantly. In 2020, it amounted to about $396 million, compared to about $184 million in 2017, an increase of 115%.
Its full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela is a full member but has been suspended since 1 December 2016. Associate countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru and Suriname.
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