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Brazilian trade delegation to visit Egypt next week

Brazilian trade delegation to visit Egypt next week

BRASILIA:  Brazilian trade delegation will arrive in Cairo next week to discuss ways of boosting commercial relations between Egypt and Brazil, Head of the Cairo Chamber of Commerce (CC) Ibrahim al-Araby said on Tuesday.

He said that the delegation will include representatives of different fields, adding that bilateral meetings between the representatives and their Egyptian counterparts will be held to mull boosting ties.

During its visit, the delegation will be briefed on the investment opportunities available in the Egyptian market and the incentives presented to foreign investors, al-Araby said.

He added that the visit comes in light of the chamber’s plan to develop Egypt’s foreign trade and investment relations to support the national economy.

Trade relations between Egypt and Brazil are expected to grow in light of the Mercosur agreement, which came into force last year.

The Mercosur agreement is a free trade agreement signed in 2010 by Egypt and the Mercosur bloc, compromising Argentina, Brazil, Uruguay and Paraguay.

The implementation of the deal entails the immediate elimination of tariffs on a list of products for both sides, while a gradual reduction of customs duties will be applied to other products over the upcoming 10 years.

After this period, products will enjoy tariff-free movement among Mercosur countries and Egypt.

Egypt’s Export Development Authority has organized the first Egyptian trade mission to Brazil from April 2-5, 2018, within the framework of the Mercosur agreement.

The mission coincided with the Arab-Brazilian Forum that was organized by the Arab Brazilian Chamber of Commerce, along with the Union of Arab Chambers.

The forum hosted approximately 400 people, including government authorities, diplomats, economists, executives and entrepreneurs.

Egypt participated in the forum through a number of delegations in many export sectors, with the aim to export to Brazil.