By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
    Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
    March 27, 2023
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    March 27, 2023
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    March 27, 2023
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    March 27, 2023
  • Politics
    PoliticsShow More
    China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
    China’s latest diplomatic move will extend its trade, energy, financial and maritime power
    March 27, 2023
    Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
    As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
    March 27, 2023
    Mass Israel protests after Netanyahu fires defence minister
    Israeli PM calls for calm amid turmoil over government’s judicial overhaul
    March 27, 2023
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    March 27, 2023
    Afghan security forces discover IS weaponry in northern province
    Afghan security forces discover IS weaponry in northern province
    March 27, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: AfCFTA opens African markets to Egyptian products
Share
Notification
Latest News
China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
China’s latest diplomatic move will extend its trade, energy, financial and maritime power
Opinion Politics World
Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
Opinion Politics
Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Stock Market
Mass Israel protests after Netanyahu fires defence minister
Israeli PM calls for calm amid turmoil over government’s judicial overhaul
Politics
European Commission VP visits Egypt to discuss education, mobility, and migration issues
European Commission VP visits Egypt to discuss education, mobility, and migration issues
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Trade > AfCFTA opens African markets to Egyptian products
BusinessTrade

AfCFTA opens African markets to Egyptian products

Shaimaa Al-Aees
Last updated: 2021/01/02 at 8:46 PM
By Shaimaa Al-Aees 4 Min Read
Share
The dawn of 2021 saw the launch of the African Continental Free Trade Area (AfCFTA), after a delay of several months due to the novel coronavirus (COVID-19) outbreak.
The dawn of 2021 saw the launch of the African Continental Free Trade Area (AfCFTA), after a delay of several months due to the novel coronavirus (COVID-19) outbreak. Last Friday, an easing in continent-wide trade exchanges officially began, months after its original start date of July 2020, as part of a new free trade area extending across Africa. The AfCFTA agreement has been signed by all African countries, with the exception of Eritrea.
SHARE

The dawn of 2021 saw the launch of the African Continental Free Trade Area (AfCFTA), after a delay of several months due to the novel coronavirus (COVID-19) outbreak.

Last Friday, an easing in continent-wide trade exchanges officially began, months after its original start date of July 2020, as part of a new free trade area extending across Africa. The AfCFTA agreement has been signed by all African countries, with the exception of Eritrea.

Sherif El-Sayyad, Chairperson of the Engineering Export Council of Egypt, told Daily News Egypt that Egyptian investors and businessmen have long been waiting for this agreement. He said that the agreement will allow and facilitate the entry of Egyptian goods to most sub-Saharan countries.
Egypt had previously had no trade agreements with countries in the west and centre of the continent.

El-Sayyad added that the AfCFTA agreement will open African markets up to Egyptian products, ensuring that no customs fees are applied to these products. Egyptian manufactured items will also now find it easier and quicker to enter into these markets

The agreement also standardised product specifications which will be one and the same for all countries that fall under the agreement, and which had previously been one of the biggest obstacles to Egyptian exports. This has been due to the high costs of certificates of conformity for each country.
He said that the agreement has two benefits, the first of which is the absence of customs between African countries. This will ensure that Egyptian exports to Africa can potentially increase, given them a competitive advantage compared to Turkish and Chinese exports in Africa.

The standardised specifications under the agreement will also reduce the burden on Egyptian exporters, which will in turn have a very large impact on increasing trade exchange with Africa.

Mohamed Abdel-Rahman, Head of the Egyptian Junior Business Association’s (EJB) Trade Committee, told Daily News Egypt that the interest from across Africa is good. “We hope it will succeed because it is the pillar of the economy and successfully completes trade exchange,” he said.

Abdel-Rahman noted that African countries are looking to establish an economic bloc amounting to $3.4trn through this free trade area.
The agreement is also set to gather 1.3 billion people under the largest free trade area since the establishment of the World Trade Organization (WTO).

He added that the continent’s dependence on imports of consumer goods, as well as the export of all raw materials, affects the value chain in Africa. A further problem highlighted by the global health crisis has been the lack of supply, and dependence on non-African countries, such as those in Europe, as well as China and the US. This has had a significant impact on the ease of transportation due to the ban on trade.

Accordingly, the AfCFTA will help the continent import and export easily, despite its commencement facing some challenges. The most important of these is the linking of African markets with African producers, and linking producers and consumers, among other obstacles.

You Might Also Like

Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis

European Commission VP visits Egypt to discuss education, mobility, and migration issues

Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun

Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export

Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management

TAGGED: AfCFTA, africa, African Continental Free Trade Area, AFRICAN UNION, trade
Share this Article
Facebook Twitter Email Print
Previous Article Egyptian government plans to borrow EGP 647.5bn from the local market through issuing treasury bills (T-bills) and bonds, according to a government document seen by Daily News Egypt. The plan, which will be put into effect during the third quarter (Q3) of fiscal year (FY) 2020/21, aims to bridge the chronic deficit in the state budget. Egypt eyes EGP 647.5bn from T-bills, bonds issuances during 3Q 2020/21
Next Article Criminal law Professor Mohamed Bahaa Abu Shoqa said the Egyptian Public Prosecution has denied the involvement of the country’s security forces in the death of Italian student Giulio Regeni. Evidence found in Italian student’s death case proves no police involvement: Law Professor
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
China’s latest diplomatic move will extend its trade, energy, financial and maritime power
Opinion Politics World
Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
Opinion Politics
Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Stock Market
Mass Israel protests after Netanyahu fires defence minister
Israeli PM calls for calm amid turmoil over government’s judicial overhaul
Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?