Egypt aims to increase economic integration with African countries

Egypt's Minister of Trade and Industry, Ahmed Samir, announced that the value of trade between Egypt and African markets reached approximately $2.117 billion during the first quarter of this year.

The value of Egyptian commodity exports to the continent amounted to $1.611 billion, while the value of Egyptian imports from Africa amounted to $506 million.

Minister of Trade and Industry, Ahmed Samir

This comes as the latest report received by the General Authority for Export and Import Control on the trade exchange between Egypt and Africa during the first quarter of this year.

Samir highlighted that the ministry is currently working on achieving economic integration between African countries and overcoming obstacles that may hinder trade movements between countries.

The ministry also aims to benefit from trade agreements signed between Egypt, African countries, and blocs such as COMESA and the African Continental Free Trade Agreement. In addition, the ministry seeks to expand participation in specialized exhibitions and increase Egyptian commercial representation in many African countries.

Meanwhile, Major General Essam El-Naggar, the head of the General Authority for Export and Import Control, explained that the five largest potential markets for Egyptian exports include Libya at a value of $317 million, Sudan at a value of $226 million, Algeria at a value of $217 million, Morocco at a value of $191 million, and Tunisia at a value of $86 million.

Egypt has been actively seeking to strengthen its economic ties with Africa in recent years, and has made significant progress in this regard.

In 2020, Egypt became the first country to sign the African Continental Free Trade Agreement, which aims to create a single market for goods and services across the continent. Additionally, Egypt has been increasing its investments in various African countries, including in infrastructure and energy projects.