Egypt is a country that has been an essential player in international trade for centuries. Located strategically between Africa, the Middle East and Europe, Egypt has always been a hub for commerce and trade. Today, Egypt is a member of a number of trade agreements that facilitate its participation in the global market.
One of the most important trade agreements that Egypt is a part of is the Greater Arab Free Trade Area (GAFTA). This agreement was established in 1997, and consists of 17 Arab countries. The goal of GAFTA is to create a free trade zone between member countries. Under this agreement, a large number of products, including agricultural goods and industrial products, are exempted from customs duties.
Another key trade agreement that Egypt is a part of is the Common Market for Eastern and Southern Africa (COMESA). This regional economic grouping includes 21 African countries, whose populations together exceed half a billion. COMESA`s primary aim is to achieve economic integration among member states, with the ultimate goal being the establishment of a fully fledged customs union.
Egypt is also part of the Agadir Agreement, which is a free trade agreement among Egypt, Jordan, Morocco, and Tunisia. The agreement was signed in 2004, and aims to increase trade between the countries involved. This agreement has resulted in a significant increase in trade in the region, and has helped to boost economic growth.
Furthermore, Egypt is a member of the World Trade Organization (WTO). The WTO is an international organization that promotes free trade between member countries, and provides a forum for negotiating and implementing trade agreements. Egypt joined the WTO in 1995, and has since benefited from its membership in the organization.
Finally, Egypt has also signed bilateral trade agreements with a number of countries, including the United States, Turkey, and Russia. These agreements have helped to facilitate trade between Egypt and these countries, and have helped to boost economic growth in the country.
In conclusion, being a part of various trade agreements has helped Egypt to become a significant player in the global market. These agreements have facilitated trade, increased investment, and provided access to new markets for Egyptian businesses. It is expected that Egypt will continue to be an essential player in international trade in the future.