Egypt’s Minister of Agriculture and Land Reclamation Elsayed Elkosayer Elsayed Elkosayer met with Chairperson of the Egyptian Exchange (EGX) and Vice-Chairperson of the Commodity Exchange Mohamed Farid on Sunday. The two sides discussed ways of coordinating efforts and cooperation on the Commodity Exchange.
During the meeting ways to develop trading mechanisms for several strategic commodities were discussed. Strategic commodities will be traded on the commodity exchange in an orderly manner governed by the forces of supply and demand, through the commodity exchange.
Both poultry and eggs will be listed on Egypt’s commodity exchange.
The process of listing poultry and eggs on the commodity exchange is expected to achieve transparency in the pricing process. This will be done through trading and price follow-up, which in turn will reduce the intermediate loops that cause price fluctuations.
The two parties seek, through cooperation, to work on making providing commodities at prices that reflect a real interaction of the forces of supply and demand. This aims to ensure the protection of the rights of producers and consumers.
The two sides agreed to complete the consultations during the next phase with the participation of the Poultry Producers Association and all relevant parties.
According to the recent statements of the chairperson of the commodity exchange Ibrahim Ashmawi, the exchange is expected to be up and running by the end of the first quarter of 2022.
It is expected to contribute to reducing prices from 20 to 25%.