Egypt will sign a free trade agreement with Africa’s three biggest economic blocs on June 10, a senior official said Sunday.

Industry and Trade Minister, Mounir Fakhri Abdel-Nour, added that the signing of the agreement would take place in the resort city of Sharm el-Sheikh.

He noted that the agreements would be signed with the Southern African Development Community, the East African Community and the Common Market for Eastern and Southern Africa.

He added that delegations from 26 African states would attend the event in the Egyptian resort city.

Abdel-Nour said the agreements would be beneficial for Egypt, on one hand, and member states in the three blocs, on the other.

He said the agreement would open the door for the creation of a free trade zone in the future.

“This will pave the road for the removal of import tariffs and the elimination of non-tariff barriers along with any fees that negatively impact the flow of trade,” Abdel-Nour said in a statement.

He added that the deal would also lead to the removal of quantitative restrictions on imports and exports, the introduction of measures to facilitate cooperation between customs authorities, and the adoption of anti-dumping measures and countervailing duties.

The three blocs contain a huge consumer market of up to 625 million people, Abdel-Nour said.

They also represent 62 percent of the total volume of trade in Africa and a total GDP of up to $1.2 trillion, he added.

Source: News video news.us

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.