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Egypt - European Economic Community Partnership; Trade, Investment
Topic Started: Jun 25 2016, 01:08 PM (62 Views)
merlins
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Republic of Zaire
Mustafa Khalil
Minister of Foreign Affairs of the Arab Republic of Egypt


Honorable representatives of the European Economic Community,
Honorable representatives of the member-states of the EEC,

on behalf of the Government of the Arab Republic of Egypt, I am addressing the the members of the European Economic Community to discuss further deepening of our bilateral cooperation following the signing and implementation of the European Economic Community - Egypt Cooperation Agreement of 1978.

In this Agreement we were looking to establish a full-fledged cooperation covering trade, economic issues, technical cooperation and financial aid.

It should be well known to the members of the EEC that the underlining factors have not changed greatly in the recent years. The Egyptian economy still maintains a considerable trade deficit that is putting a serious strain to our resources. Major exports include crude oil, refined petroleum products and cotton. We are thankful for the tariff provisions invoked by the EEC as they cover about 70% of our agricultural produce to the EEC, but we see potential for closer cooperation, greater trade (that would allow us to generate income and reduce trade deficit) and targeted investment in perspective sectors of the Egyptian economy.

The EEC as a whole and its separate members are more than invited to invest in the Egyptian economy to establish proper machines and electronic equipment as well as chemical industries, once fully developed these would then allow the respective companies to penetrate other markets and regions. These investments would be guaranteed by the Government of Egypt and protected by law.

With this I am very much looking forward to active negotiations with the EEC as a whole and its individual member states to allow both sides to benefit from closer economic and practical cooperation.
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