The European Union and Egypt have a long-standing trade relationship that dates back several decades. Over the years, both parties have worked hard to finalize trade agreements that benefit their respective economies.
The EU-Egypt Association Agreement, which was signed in 2001, is a comprehensive trade agreement that aims to strengthen trade ties between Europe and Egypt. The agreement covers a wide range of areas, including trade in goods, services, and investment.
Under the agreement, Egypt gains access to the EU`s market for its goods and services. This is particularly beneficial for Egyptian exporters who are looking to expand their market reach and increase their revenues. The EU also benefits from increased access to Egypt`s market, which is rich in natural resources and has a growing population of consumers.
In addition to the Association Agreement, the EU and Egypt have also signed a number of other trade agreements that focus on specific sectors. For example, the EU-Egypt Trade in Agricultural Products agreement, which was signed in 2010, aims to increase the trade of agricultural products between the two parties.
Another notable agreement is the EU-Egypt Sustainable Energy Trade Agreement, which was signed in 2019. This agreement aims to promote the development of renewable energy in Egypt and increase the country`s exports of sustainable energy products to the EU.
Overall, the trade relationship between the EU and Egypt has been fruitful for both parties. The EU`s investment in Egypt has helped to create jobs and promote economic growth in the country, while Egypt`s exports to the EU have increased significantly. As the partnership between the two parties continues to grow, we can expect to see even more trade agreements signed in the future.