Dubai PR Network, Online Press Release from Dubai and Middle East
 
Food, Beverages & Restaurant(Food Industry)
Filter PR by
  
ABCC announces Mercosur-Egypt Free Trade Agreement comes into effect
 

UAE, October 16, 2017- The Arab-Brazilian Chamber of Commerce (ABCC) has announced that the Free Trade Agreement (FTA) signed between Mercosur and Egypt came into effect. Signed in 2010, the agreement outlines bilateral trade between Egypt and Mercosur, the bloc made up of Brazil, Argentina, Uruguay and Paraguay, through which 63 per cent of its exports will be covered immediately, becoming eligible for import tax exemption. Last year bilateral trade between Brazil and Egypt reached over USD 1.8 billion, of which 78 percent was made up of products covered by the agreement. Over the next 10 years, a projected 99 percent of trade between Mercosur and Egypt will fall under the agreement. 

Products exported from Brazil to Egypt that will reap the immediate benefits of this agreement include beef products, cereal, ores and inorganic chemical products, while Egyptian exports covered by the agreement will include both organic and inorganic fertilizers, vegetables, cotton and textiles.  Brazil exported over USD 1.35 billion worth of goods to Egypt from Q1 to Q3 of 2017, reflecting an increase of 13 per cent compared to the same period in 2016. According to data published by the Ministry of Industry, Foreign Trade and Services (MDIC), Brazil imported USD 119.3 million worth of goods during the same period in 2017, reflecting an increase of 138.5 per cent in comparison to 2016. 

Dr. Michel Alaby, Secretary General and CEO of ABCC, said: “As the Free Trade Agreement signed between Mercosur and Egypt comes into effect, we can expect to witness a boost in trade as well as a strengthening of the partnership between Brazil and Egypt. Egypt is an important trade partner of Brazil in Africa as it accounts for 23 per cent of the purchases of Brazilian products in the continent. The list of products covered by the agreement is extensive. Regarding Mercosur’s exports to Egypt, there are nearly 10,000 products included, with almost 63 per cent of exports to be covered immediately.”

The Mercosur-Egypt Free Trade Agreement will be discussed within training courses offered to Brazilian exporters across initiatives such as the National Export Culture Plan (PNCE), as well as in frequent talks with Brazilian companies. One of the Plan’s work fronts is the training of exporters in Brazil.


Posted by : Dubai PR Network Editorial Team
Viewed 4697 times
PR Category : Food Industry
Posted on : Monday, October 16, 2017  4:59:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : More café re-opens its doors
Next Story : Improving food security measures key for MENA region to main...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Fresh Hair in an Instant with SHOW Beauty [13609-Views]
Amadeo® Fleurier 39 “Fan” [11742-Views]
Mother's Day Gift Guide 2018 from The Little Birdy Group [10181-Views]
Show/Pop-up Event “Pret-A-Cover™ Buyers Lane” to Be Launched in Dubai From March 28th to A... [10169-Views]
Moreish Café in Dubai introduces a healthy Quinoa Burrito [9608-Views]
True Colours [9467-Views]
Robinsons Honored for Outstanding Store Design [9333-Views]
Splash receives 2 awards [8760-Views]
UAE Team Emirates' Mirza Takes Gold at Asian Cycling Championships [8503-Views]
Phenomenal development in falconry racing from small beginnings: HHC Deputy CEO [8485-Views]
WGS 2018: Opening Session Highlights Importance of Embracing Smart Living to Enhance Quali... [8363-Views]
RAK Hospital launches the biggest weight-loss challenge in association with MoHAP, RAK [7509-Views]
2XL launches Malmo Bed with floral designs for a vintage shabby chic inspired master bedro... [7161-Views]
Food Lovers Rejoice: Dubai Food Festival Is Back This Month [6814-Views]
Bridal Glow is Skin Deep: Tips for every bride-to-be in 2018 [6759-Views]
Mealtop, Introducing a Whole New Dessert Experience [6167-Views]
Optim-Eyes Lashes & Brows with Filorga [6070-Views]
Al Ahli Holding Group to redefine the UAE value shopping category through an AED 1.25 bill... [5850-Views]
NEZO launches new identity to guide consumers in selecting the best salt for their culinar... [5319-Views]
Safilo Group Reveals Its Spring/ Summer 2018 Collection [5307-Views]
WGS 2018: Governments Need to Prioritize Wellbeing of Citizens, Say International Experts [5264-Views]
Redefining the Skin Clinic Experience. #allnewkaya opens in Muscat City Centre! [5264-Views]
The new BMW HP4 RACE arrives at Abu Dhabi Motors – one of just 750 built [5228-Views]
The Robots Are Coming: Ministry of Finance Brings Artificial Intelligence to Dubai in a Bi... [5136-Views]
Leading Scientists, Astronauts Share Insights on why Space Exploration Matters at WGS 2018... [4984-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories