Egypt, UK to Sign Free Trade Agreement Post-Brexit

The Minister of Trade and Industry Niveen Gamea said that a free trade agreement is to be signed between Egypt and the UK following the Brexit of the latter from the European Union (EU).

Gamea added during a video conference, organized by the Egyptian British Business Association (BEBA), that a final free trade agreement had been reached as Egypt was conducting intensive negotiations with the United Kingdom during the last period.

She pointed out that the ministry pays special attention in terms of additional benefits in relation to agricultural exports, especially since the UK considers Egypt a gateway to Africa.

The minister pointed out that the Egyptian-British relations are distinguished and firm, which contributed to the consensus of the two sides on the importance of continuing trade relations after the Brexit.

Gamea noted the political leadership and the government directed the quick payment of exporting companies dues, especially in light of the spread of the coronavirus and its negative repercussions on the global markets.

"Until now, more than EGP 3.1 billion were paid from the Export Development Fund (EDF)," the minister said.

The United Kingdom is the first place in terms of the foreign investment portfolio in Egypt, which amounted to about $5.348 billion by the end of last year, which represents 45.8% of the total investment flows in the Egyptian market by the end of the fiscal year 2018/19.

In addition, the UK's total investment is $47.8 billion, through 1,817 companies.

Moreover, the value of trade between Egypt and the UK increased during the past year to record about $3.18 billion compared to $3 billion a year earlier, with a growth rate of 5.4%.

Meantime, the trade balance is in Britain's favor with about $102 million, according the Central Agency for Public Mobilization and Statistics (CAPMAS).