During the summer of 2023, the cabinet’s media center stated that African intra-trading was recorded at less than 18% compared to around 50% in trade between Asian countries, and 70% between European countries
Egypt aims to strengthen its trade relationship with Africa, looking to boost intra-continent trade by 20% in the coming 5 years to reach $7.4 billion, according to Yahya Al-Wathiq Billah, head of the Egyptian Commercial Service (ECS) in an interview with Al-Sharq.
The ECS head noted that this increase will be driven by the African Continental Free Trade Agreement; a pact between the 49 member states of the African Union to enable the free flow of goods and services across the continent.
Egypt, along with 47 countries, has ratified the agreement, explained Al-Wathiq Billah. He expected the rest of the countries to ratify the trade agreement by the second half of 2024.
During the summer of 2023, the cabinet’s media center stated that African intra-trading was recorded at less than 18% compared to around 50% in trade between Asian countries, and 70% between European countries.
Egyptian exports to Africa rose by 13% year-on-year during the first 10 months of 2023 to hit $6 billion, driven by exports of marble, cement, polyethylene, and phosphate fertilizers.
The North African country aims to improve access to Egyptian exports in the next 6 years, revealing a targeted increase of no less than 20% to reach $145 billion by 2030, according to a new IDSC release on the government’s goals for the president’s new term.
